TCRAP_Public/050829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, August 29, 2005, Vol. 8, No. 170

                            Headlines

A U S T R A L I A

A.C.N. 004 527 995: Liquidator Set to Distribute Company Assets
ADVANTAGE BLUE: Creditors Struggle to Recoup Money
AJ GLASS: Members, Creditors Review Wind Up Report
BAROSSA RURAL: Sole Member Resolves to Wind Up Firm
BEGA MILK: Liquidator to Detail Wind Up Manner

DAINNY DESIGN: Creditors Opt for Voluntary Liquidation
D&K STAIT: Liquidator to Explains Winding Up to Members
EG GREEN: Graziers Demand Probe Into Potential Collapse
FRANTON PTY: Members to Receive Liquidator's Report Sept. 5
GM HOLDEN: Moves to Protect Future in Australia

HARROGATE PTY: Placed Under Voluntary Liquidation
KARAVELAS ENTERPRISES: Creditors OK Liquidator's Appointment
LLERENA PTY: Schedules Final Meeting Sept. 5
MANCHI PTY: Court Appoints Liquidator
MAYNE GROUP: Result Lends Support to Demerger

MURRAY RIVER: Court Finds Edwards Allowed Insolvent Trading
MUSTARA HOLDINGS: To Declare First, Final Dividend
PAT BRICKLAYING: Members Agree to Wind Up Company
PRODUCTION GROWTH: Members, Creditors to Discuss Wind Up
QANTAS AIRWAYS: Budget Offshoot Eyes Long-haul Destinations

SAMKIRST NO.10: Enters Liquidation
SANTOS LIMITED: Awards Contract to Develop Info System to ISS
SHEPPARTON ASDIC: Inability to Pay Debt Leads to Wind Up
SLATTERY MANAGEMENT: Court Orders Liquidation
SSR PTY: To Distribute Priority Dividend to Creditors

SUSTAINABLE ADVANTAGE: Shuts Down Business
WINSYSTEMS GROUP: Members, Creditors to Receive Wind Up Report
* Property Developer Contests Charges After Big Collapse


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Taps Goldman Sachs to Arrange IPO
CHINA CONSTRUCTION: Trims NPLs, Eyes IPO
CHINA SOUTHERN: Launches Double FFP Mileage Program
CHINA SOUTHERN: 1H05 Net Loss May Hit CNY253 Mln
CHINA UNICOM: Posts 1H05 RMB610-Mln CDMA Loss

LANEX INVESTMENTS: Issues Debt Claim Notice
LINHUA SUPERMARKET: Matthews Ups Stake to 5.1%
MAE HOLDINGS: FY05 Net Loss Narrows to HK$39.8 Mln
MASTER CASTLE: Winding Up Hearing Fixed September 7
NEW CHINESE: SFC Settles Disciplinary Action With Ip Hon-man

PCCW LIMITED: Unit Enters Acquisition Deal
PONTEL LIMITED: Creditors Asked to Prove Debts by September 26
SHANGHAI LAND: Former Manager Denies ICAC Fraud Charges
STAR CRUISES: S&P Affirms 'BB' Rating


I N D O N E S I A

KIANI KERTAS: JPMorgan Goes Solo in Bid to Acquire Firm
PERTAMINA: Singapore Court Rejects U.S. Firm's Claim to Assets


J A P A N

MITSUBISHI MOTORS: Releases New Triton Pickup Truck in Thailand
MITSUBISHI MOTORS: Unveil Sales, Export Figures for July 2005
SEIBU RAILWAY: Falls Into Negative Net Worth
SEIYU LIMITED: To Join Wal-Mart in January
UFJ HOLDINGS: Cancels Listing in London

* Teikoku Unveils 49 Bankrupt Healthcare Providers in 2004


K O R E A

ASIANA AIRLINES: Independent Body to Arbitrate Dispute
DAEWOO GROUP: Ex-President's Activities Scrutinized in Probe    


M A L A Y S I A

AKTIF LIFESTYLE: Names New Auditor
ANTAH HOLDING: Court Strikes Off Wind Up Petition on Unit
BUKIT KATIL: Issues Update on Defaulted Loans
DATUK KERAMAT: Appeals Court Decision to Wind Up Business
DATUK KERAMAT: Remains Suspended Over Failure to Submit FS

GEORGE TOWN: Unable to Submit Financial Report
HARVEST COURT: Books MYR434 in 2Q Net Profits
HONG LEONG: Completes Proposed Disposal
INTAN UTILITIES: Issues Update on Payment Default
JOHN MASTER: 2Q Net Loss Reaches MYR570,000

KEMAYAN CORPORATION: Court OKs Auction of Units' Properties
KPS CONSORTIUM: Allowed to Seek 2nd Opinion on Due Diligence
KUMPULAN GUTHRIE: Bourse to List, Quote New Shares
MAGNUM CORPORATION: New Shares Set for Listing, Quotation
MEDIA PRIMA: Bourse Grants Listing of New Shares

PADIBERAS NASIONAL: Adds New Shares for Listing
PAN MALAYSIA: Buys Back New Ordinary Shares


P H I L I P P I N E S

APEX MINING: Unveils Financial Results Ending June 30, 2005
APEX MINING: Signs SPA with Crew Gold, Mapula Creek
MANILA ELECTRIC: Senator Urges Gov't to Sell Shares
NATIONAL BANK: 186-Mln Shares Sold in Blocks at Php43.77 Apiece
NATIONAL POWER: Sells US$100 Mln in 6-year FRNs

NATIONAL POWER: Fitch Assigns Final Rating Guaranteed Notes
NATIONAL TRANSMISSION: Gets US$850-Mln Budget for Five Years
PACIFIC PLANS: Still at Loggerheads After Talks Bog Down
PHILIPPINE AIRLINES: Names Two Young Execs to Board
PHILIPPINE AIRLINES: Global Expansion Underway

TPG CORPORATION: In Talks with Investor Groups
VICTORIAS MILLING: Board Director Quits Post


S I N G A P O R E

ASIA COACH: To Pay Dividend to Creditors
CFM HOLDINGS: Net Loss Increases to IDR5 Billion
HAI XIANG: Schedules Creditors' Meeting Next Month
JSD CONSTRUCTION: Creditors to Convene on Sept. 5
L.C. DEVELOPMENTS: Net Loss Cut in Half

RANCHODDAS PURSHOTTAM: Court Orders Liquidation
YEW HOCK: Liquidator to Detail Wind Up Manner


T H A I L A N D

ABICO HOLDINGS: Confident in Restructuring's Success
KRUNG THAI: To Establish New Subsidiary
PICNIC CORPORATION: SET Seeks Clarification on Debt Swap Plan

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================

A.C.N. 004 527 995: Liquidator Set to Distribute Company Assets
---------------------------------------------------------------
At a General Meeting of A.C.N. 004 527 995 Pty Limited duly
convened and held on July 18, 2005, the following Special
Resolution was passed:

That the company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed in whole or
in part to the members in specie, should the liquidators so
desire.

Dated this 18th day of July 2005

Glenn Martin Robinson
Liquidator
346 Carrington Street
Adelaide SA 5000


ADVANTAGE BLUE: Creditors Struggle to Recoup Money
--------------------------- ---------------------
Creditors of Advantage Blue Feeds (ABF) face an uphill battle to
recover their investment, according to ABC News Online.

The Bridgewater stock feed mill, went into receivership two
weeks ago, owing tens of thousands of dollars to 190 creditors.

The firm reportedly owes millions of dollars to its parent
company and the bank as well as grain suppliers and
transporters.

Receiver manager Barry Taylor said there has been a lot of
interest from potential buyers but there are no guarantees for
unsecured creditors.

"There are debts in the related company Creasy Grain that need
to be satisfied and depending on the outcome there, (it) will
have an impact on the likelihood of the unsecured creditors of
ABF receiving any distribution," he said.


AJ GLASS: Members, Creditors Review Wind Up Report
--------------------------------------------------
Notice is given that a final meeting of the members and
creditors of AJ Glass & Aluminum Pty Limited will be held on
Sept. 5, 2005, 10:00 a.m. at 581 Princes Highway, Rockdale NSW.

The purpose of the meeting is to:

(a) Lay before the meeting an account showing the manner of the
winding up and disposal of Company property, and for the
Liquidator to give an explanation of the account; and

(b) Consider any other matters, which may be properly brought
before the meeting.

Dated this 25th day of July 2005

Grahame Hill
Liquidator
Hill's Insolvency Services Pty Limited
581 Princes Highway
Rockdale NSW 2216
Phone: (02) 9599 7945
Fax:   (02) 9599 7946
E-mail: grahame@hillsinsolvency.com.au


BAROSSA RURAL: Sole Member Resolves to Wind Up Firm
---------------------------------------------------
On July 19, 2005, the sole member of Barossa Rural Properties
Pty Limited passed a special resolution to voluntarily wind up
the Company.

Dated this 19th day of July 2005

Robert A. Ferguson
Liquidator
c/o Fergusons
Chartered Accountants
Level 8, 115 Grenfell Street
Adelaide SA 5000


BEGA MILK: Liquidator to Detail Wind Up Manner
----------------------------------------------
Notice is hereby given that the final meeting of the members of
Bega Milk Supply Pty Limited will be held on Sept. 5, 2005,
10:00 a.m. at 36 Glebe Street, Bega, NSW 2550 to lay before the
meeting the liquidator's final account and report, and to give
any explanation thereof.

Dated this 20th day of July 2005

Arnold Leo Kuechler
Liquidator
C/o 36 Glebe Street
Bega NSW 2550


DAINNY DESIGN: Creditors Opt for Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that on July 19, 2005, the following
special resolution was passed in respect of Dainny Design:

That the Company be wound up voluntarily, relating to a
Creditors' Voluntary Winding Up, and that B.J. Marchesi,
Chartered Accountant of 332 St. Kilda Road, Melbourne be
appointed Liquidator for such winding up.

Dated this 19th day of July 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


D&K STAIT: Liquidator to Explains Winding Up to Members
-------------------------------------------------------
Notice is hereby given that a final meeting of Members of D&K
Stait (Holdings) Pty Limited will be held on Sept. 5, 2005,
10:00 a.m. at the office of PKF, Suite 301, Level 3, 304-318
Kingsway, Caringbah NSW to present the liquidator's Final
Account and Report, and to give any explanation thereof.

Dated this 12 July 2005

Gary Holbrook
Liquidator
PKF
Suite 301, Level 3
304-318 Kingsway
Caringbah NSW


EG GREEN: Graziers Demand Probe Into Potential Collapse
-------------------------------------------------------
West Australian beef producers are calling for an investigation
into the likely downfall of the State's largest beef producer
and exporter, EG Green and Sons, The West Australian says.

The farmers made the call for fear they may be forgotten if EG
Green's financial woes are not sorted out quickly. They are also
concerned that the firm's focus remains on reopening its Harvey
Abattoir and getting around 600 employees back to work.

Premier Geoff Gallop contradicted his Agriculture Minister Kim
Chance over whether his Government would withdraw support for a
rescue bid for the abattoir if workplace agreements were
introduced to the site. Mr. Chance is said to have made it clear
to those negotiating the abattoir's long-term future that
Government support would end if there was a move to Federal-
based AWAs.

When asked if Mr. Chance's reported comments reflected
Government policy, the Premier said "No".

Meanwhile, South-West farmer Gary Buller said may questions had
to be answered before the industry could trust the 86-year-old
company again.

Farmers wanted to know how Eastern States companies could make a
profit after buying stock in WA and transporting it to South
Australia for slaughter while EG Green and Sons, which enjoyed a
virtual monopoly in WA, slid into debt exceeding AU$44 million.


Industry working group and Pastoralist and Graziers Association
spokesman Tim D'Arcy said he had heard of two producers being
owed up to AU$2 million and many others being hundreds of
thousand of dollars out of pocket.

WA Lot Feeders Association president Matt Thompson said he had
heard similar stories and was worried some producers would be
forced into bankruptcy if they were not paid in full soon.

But most were reluctant to speak out, fearing it would harm
their chances of recovering the money and remaining viable in
the industry.

Meanwhile, Ferrier Hodson administrator Martin Jones it would be
too early to discuss the likelihood of creditors recovering
funds or the long-term commercial future of the company,
including potential buyers.

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


FRANTON PTY: Members to Receive Liquidator's Report Sept. 5
-----------------------------------------------------------
Notice is hereby given that a final meeting of the Members of
Franton Pty Limited will be held on Sept. 5, 2005, 10:00 a.m. at
the office of PKF Chartered Accountants, Level 10, 1 Margaret
Street, Sydney for the following purposes:

AGENDA

To lay before the Meeting the Liquidator's Account, showing how
the winding up was conducted and the Company property disposed
of, and to give any explanation thereof.

Proxies intended for use at the Meeting should be lodged at the
Liquidator's office not later than 4:00 p.m. of Sept. 4, 2005
(one business day prior to the meeting).

Dated this 22nd day of July 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


GM HOLDEN: Moves to Protect Future in Australia
-----------------------------------------------
GM Holden Ltd will reduce its South Australian operations by
1400 positions by mid-2006 in order to protect its future in
Australia.

The company is responding to global business conditions,
increasing competition from imported brands and changes to local
and export projections for coming years.

Daily production will be gradually revised from its current
level of 800 cars to about 620 cars, equivalent to its 2003 rate
prior to the introduction of the third shift.

GM Holden Chairman and Managing Director, Denny Mooney, today
said the decision was incredibly difficult but the right one to
ensure GM Holden remained Australia's biggest carmaker.

"We need to act because the local and export markets are
changing and the third shift is no longer wholly sustainable,"
Mr Mooney said.

"We have to make changes but it's very difficult because people
and their families are involved."

Employees in each shift were advised of the decision late last
night and early today, and were asked to consider voluntary
separation packages. All employee entitlements were defined and
protected under the 2004 enterprise bargaining agreement.

Mr. Mooney said the company would do everything it could to help
employees and would seek to work with the Federal and State
Governments, unions, suppliers and other major SA firms.

He said many factors in the broader business environment and
fiercely competitive automotive environment had contributed to
the decision to reduce local manufacturing operations.

"Changes in commodity prices, exchange rates, car market trends,
import tariffs falling to 10 per cent and local supplier
collapses have all changed the way we need to operate," he said.

"Our exports are facing severe challenges in coming years while
the strong Australian dollar makes it easier for importers and
harder for exporters.

"The Aussie dollar has increased from below 50 US cents to
almost 80 US cents since 2002. At the same time, the dollar has
strengthened against the yen, from less than 60 yen to more than
80 yen, and similarly against the Korean won.

Mr. Mooney said GM Holden operated one of the world's most
flexible manufacturing facilities, but it now has too much
capacity for its current production forecast.

"In Australia, more than 50 brands are available to buyers and
only four made locally. Seven out of 10 cars sold in this
country are now imported," he said.

"This is placing enormous pressure on Australian carmakers to be
competitive on quality, technology and price."

Mr. Mooney added GM Holden was one of Australia's largest
private sector investors, having committed more than $1.8
billion to its operations in the past three years alone.

"GM Holden has invested a lot in Adelaide and will continue to
do so provided we can make changes to remain absolutely
competitive," he said.

GM Holden Executive Director - Manufacturing, Rod Keane, said
voluntary separation packages would be offered to employees
across all three shifts at Elizabeth.

"We will provide a range of benefits for employees choosing to
leave, including access to financial and outplacement support,
as well as counseling if required," he said.

Mr Keane said a significant proportion of the third shift would
be wound down by December 2005, accounting for 1000 positions.
The workforce would be reduced by a further 400 positions by
mid-2006.

"From a production sense, the 620 cars a day will be produced at
a line rate of 76 seconds which is roughly equivalent to the
rate prior to third shift being introduced," Mr Keane said.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856. It
will next year celebrate its 150th anniversary as a company in
Australia.

GM HOlden is the Australian arm of troubled U.S.-based automaker
General Motors Corporation (GM).

CONTACT:

GM Holden Limited
241 Salmon Street
Port Melbourne Victoria 3207
Telephone: 03 9647 1111
Facsimile: 03 9647 2550
Web site: http://www.holden.com.au


HARROGATE PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Harrogate Pty Limited held on July 19, 2005, it was resolved
that the Company be wound up voluntarily, and that Martin David
Lewis, Chartered Accountant of Ferrier Hodgson, Level 6, 81
Flinders Street, Adelaide be appointed Liquidator for such
purpose.

Dated this 19th day of July 2005

Martin D. Lewis
Liquidator
Ferrier Hodgson
Level 6, 81 Flinders Street
Adelaide SA 5000


KARAVELAS ENTERPRISES: Creditors OK Liquidator's Appointment
------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Karavelas Enterprises Pty Limited held on July 18,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day, it was
resolved that Peter P. Krejci of GHK Green Krejci, Level 9, 179
Elizabeth Street, Sydney NSW 2000 be appointed Liquidator for
the winding up.

Dated this 18th day of July 2005

Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


LLERENA PTY: Schedules Final Meeting Sept. 5
--------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Llerena Pty Limited will be held on Sept. 5, 2005,
11:00 a.m. at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000.

The purpose of the meeting is to present to the Company's
members and creditors an account on the manner of the winding up
and disposal of Company property, and to hear any explanations
that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4:00 p.m. of Sept. 2, 2005.

Dated this 25th day of July 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889


MANCHI PTY: Court Appoints Liquidator
-------------------------------------
On July 21, the Supreme Court of New South Wales, Equity
Division issued an order appointing Ozem Kassem to be Liquidator
for the winding up of Manchi Pty Limited.

Ozem Kassem
Official Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
Phone: (02) 8221 8433
Fax:   (02) 8221 8422


MAYNE GROUP: Result Lends Support to Demerger
---------------------------------------------
Mayne Group has promised a clearer outlook for its business
divisions when documents supporting its planned demerger are
released as early as next month, The Australian has learned.

Shares softened last week after the health-care company warned
that sales growth from its global pharmaceutical division, Mayne
Pharma, would likely slow during the coming year. The company
also predicted steady sales but flat earnings from the
continuing operations of the domestic businesses.

Mayne reported that bottom-line profit had slid about 15 percent
to AU$80.45 million during the June year, reflecting the
discontinued contribution from the hospitals division.

Revenue from ordinary activities was down 22 per cent to $3.9
billion for the same reason.
Profit from the continuing business was $92.3 million, however,
up 10 per cent on the year before.

Strong results from both Mayne Pharma and the domestic
businesses, particularly pathology and consumer health products,
supported the company's decision to split operations into two
stand-alone entities.

Mayne Pharma reported revenue growth of 36 per cent to $655
million, exceeding the company's expectations. The division's
contribution to group earnings rose to 43 per cent, up from 40
per cent the year before.

However, Mayne's decision to exclude from its forecasts those
products subject to patent disputes means that its previously
stated target of 15 to 20 percent annual sales growth could fall
short this year.

The expanded guidance would be provided when the scheme of
arrangement documents were released to the market soon. The
documents must be released by September 30 if Mayne hopes to
complete the demerger by December 31. An extraordinary meeting
will be called so shareholders can vote on the split.

Mayne shares have soared about 40 per cent since the company
announced in May its decision to demerge the businesses.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MURRAY RIVER: Court Finds Edwards Allowed Insolvent Trading
-----------------------------------------------------------
On 24 August 2005, the Supreme Court of New South Wales handed
down its judgment in relation to the Australian Securities and
Investments Commission's proceedings against Mr. Malcolm
Edwards, a former director of Murray River Limited (In
Liquidation) (Murray River).

Justice Barrett found that Mr. Edwards contravened the insolvent
trading provisions of the Corporations Act by allowing Colin
Joss & Co Pty Limited (CJC), a construction company located in
Albury, to complete work for Murray River, knowing that Murray
River was insolvent.

While Justice Barrett found there was no formal contract for the
work carried out between Murray River and CJC, Justice Barrett
decided that Murray River was indebted to CJC for the work
completed for amounts totaling in excess of AU$3.5 million, on a
quantum meruit basis*.

"Company directors who are aware that the company is insolvent
are obliged to prevent it from incurring further debts. This
case demonstrates that a debt can be incurred by a company even
if there is no formal contract in place where work is carried
out on the basis that it will generate a right to be paid," ASIC
Deputy Executive Director of Enforcement, Mr. Mark Steward said.

"Company directors have a fundamental responsibility under the
law to ensure that companies can pay their debts as and when
they fall due. ASIC will act to ensure that anyone who fails to
meet this important obligation is brought before the Courts,"
Mr. Steward said.

There will be a separate hearing as to whether Mr. Edwards
should, as a result of his contraventions of the Corporations
Act, be disqualified from managing corporations.
The matter is to return to Court on 1 September 2005 for
directions.

Background

Murray River was set up to facilitate a joint venture between
the Mulwala and District Services Club Limited and Essington
Asia Pacific Pty Ltd. The aim of the joint venture was to
construct a resort in Mulwala, New South Wales.

Construction commenced in February 1999 and ceased in June 1999.
Murray River went into liquidation on 14 November 2000, with
debts in excess of $7.5million.

In October 2003, ASIC commenced proceedings against Mr. Edwards
and Mr. Leonard Jones, two of the former directors of Murray
River. ASIC sought declarations that both Mr. Jones and Mr.
Edwards, as directors of Murray River, had contravened the
insolvent trading provisions of the Act.

ASIC also sought orders that Mr. Edwards and Mr. Jones be
disqualified from managing corporations.

In December 2004, Mr. Jones provided undertakings to the Supreme
Court of New South Wales not to manage a corporation for a
period of five years. As a result of the undertakings, ASIC
discontinued its proceeding against Mr. Jones.

  *Generally for a debt to exist there needs to be a contract.
In this case the Court found there was no contract.

ASIC submitted that if there were no debts arising out of a
contract, there were debts arising as a result of the quantum
meruit principle. The quantum meruit principle is invoked where,
as in this case, a person performs work for another in
accordance with the terms of a contract that each person
contemplates entering but ultimately is not entered. In these
circumstances, the person performing the work is entitled to
reasonable reward for work actually done.


MUSTARA HOLDINGS: To Declare First, Final Dividend
--------------------------------------------------
Mustara Holdings Pty Limited will declare a first and final
dividend on Sept. 1, 2005.

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 12th day of July 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: (02) 9233 2111
Fax:   (02) 9233 2144


PAT BRICKLAYING: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Pat Bricklaying Pty Limited held on July 19, 2005, it was
resolved that the Company be wound up voluntarily, and that
Schon Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street Parramatta NSW, be
appointed Joint and Several Liquidators for such winding up.

Dated this 19th day of July 2005

Schon G. Condon
Bruce Gleeson
Joint Liquidators
c/o Jones Condon
Chartered Accountants
Phone: (02) 9893 9499


PRODUCTION GROWTH: Members, Creditors to Discuss Wind Up
--------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Production Growth Management Services Pty Limited
will be held on Sept. 5, 2005, 11:30 a.m.  at Parker Advisory,
Level 5, 49 Market Street, Sydney NSW 2000.

AGENDA:
(1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to receive any explanation required thereof.

(2) To consider any other business brought before the meeting.

Dated this 21st day of July 2005

G. J. Parker
Liquidator
C/o Parker Advisory
Level 5, 49 Market Street
Sydney NSW 2000


QANTAS AIRWAYS: Budget Offshoot Eyes Long-haul Destinations
-----------------------------------------------------------
Qantas Airways is reportedly looking to split its two main
business, as part of efforts to cut costs across the board, Asia
Pulse says.

Part of the long-term plan is the expanded operations of Qantas'
low-cost offshoot, Jetstar Asia. Jetstar plans sot fly to Asia,
and possibly Europe and North America.

The move comes just days after Qantas said Jetstar would some
day be "just as important as the main line" airline.

It is thought Jetstar will fly to areas deemed barely profitable
by Qantas and which are dominated by economy-class passengers,
such as Bali, Honolulu and even Rome, a route Qantas abandoned
in 2003, The Sydney Morning Herald said.

Jetstar's ascendancy is seen as a key plank in Qantas's plans to
cut AU$3 billion (US$2.25 billion) in costs by 2008.

Qantas's chief financial officer Peter Gregg told the paper
Jetstar was likely to fly to the smaller destinations in
countries Qantas already served.        

Qantas has yet to comment on the report.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


SAMKIRST NO.10: Enters Liquidation
-----------------------------------
Notice is hereby given that on July 18, 2005, the following
special resolution was passed in respect of Samkirst No.10 Pty
Limited:

That the Company be wound up voluntarily relating to a
Creditors' Voluntary Winding Up, and that B.J. Marchesi,
Chartered Accountant of 332 St. Kilda Road, Melbourne be
appointed Liquidator for the winding up.

Dated this 18th day of July 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne Vic 3004


SANTOS LIMITED: Awards Contract to Develop Info System to ISS
-------------------------------------------------------------
ISS announced that Santos Limited, one of Australia's largest
oil and gas companies, has awarded a contract to develop a GIS-
based Information Management System that will provide Santos
with an integration solution capable of providing access to
information across the Company through a single web portal
interface.

"This is an important E&P (Exploration & Production) information
technology project for Santos and our information management
strategy as we grow our business. We chose ISS as our partner as
we are confident that they have the expertise and experience to
deliver a state-of-the-art solution for us, as they have done
with our Production and Operations Management system," said Rob
Heath, Manager of Geoscience Support with Santos.

This technology solution is intended to help create a
collaborative working environment for Santos's exploration and
production.

"This contract is a good example of how ISS can work closely
with a client to develop solutions that fulfill their business
requirements and provide additional benefit to the pioneering
company through enhancements suggested by other companies over
time," said Shane Attwell, Managing Director of ISS.

"It also brings ISS into a new realm of data integration, with
GIS technology offering opportunities to extend our data
management expertise out of the Operational world into other
business disciplines, not least sub-surface data management."

ISS are brining together expertise in process and technology
deployment with experience in geoscience data integration to
provide a unique information management framework, based upon
commercial GIS technology.

The system will have the capacity to benefit any combination of
underlying database sources, as it is developed independent of
specific vendor databases, but using technologies that support
industry-specific database integration.

Santos is a major Independent Australia oil and gas exploration
and production company with interests and operations in onshore
and offshore Australia as well as in the United States,
Indonesia, Papua New Guinea and Egypt.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/  


SHEPPARTON ASDIC: Inability to Pay Debt Leads to Wind Up
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Shepparton Asdic Security Pty Limited held on July 19, 2005
the following Special Resolution was duly passed:

That as the Company's directors think that it will not be able
to pay its debts within twelve months, the Company be placed
under a creditors' voluntary winding up.

Chris Chamberlain of Nicholls & Co. Chartered Accountants, Suite
103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, NSW was appointed Liquidator of the Company for such
purpose.

Dated this 21st day of July 2005

Chris Chamberlain
Liquidator
Suite 103, 1st Floor Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


SLATTERY MANAGEMENT: Court Orders Liquidation
---------------------------------------------
On July 19, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Slattery Management Pty
Limited, and appointed R. J. Porter to be Liquidator for such
wind up.

R. J. Porter
Liquidator
Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


SSR PTY: To Distribute Priority Dividend to Creditors
-----------------------------------------------------
SSR (NSW) Pty Limited will declare a priority dividend on Aug.
31, 2005.

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 22nd day of July 2005

Philip G. Jefferson
Liquidator
c/o Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


SUSTAINABLE ADVANTAGE: Shuts Down Business
------------------------------------------
Notice is hereby given that at a general meeting of Sustainable
Advantage Pty Limited held on July 18, 2005 the following
special resolution was passed:

That the Company be wound up voluntarily, by reason of its
deficiency in assets to meet its liabilities.

G. G. Woodgate
Liquidator
c/o Woodgate & Co.
Phone: 9233 6088


WINSYSTEMS GROUP: Members, Creditors to Receive Wind Up Report
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Winsystems Group Pty Limited will be held on Sept.
5, 2005, 11:00 a.m. at Parker Advisory, Level 5, 49 Market
Street, Sydney NSW 2000.

AGENDA:

(1) To receive the Liquidator's account showing the manner of
the winding up and disposal of Company property, and to receive
any explanation required thereof.

(2) To consider any other business brought before the meeting.

Dated this 21st day of July 2005

G. J. Parker
Liquidator
C/o Parker Advisory
Level 5, 49 Market Street
Sydney NSW 2000


* Property Developer Contests Charges After Big Collapse
--------------------------------------------------------
Mr. John Gerard Sage, of Brighton East in Victoria, has appeared
in the Melbourne Magistrates Court to face 20 charges brought by
the Australian Securities and Investments Commission (ASIC).

ASIC alleges that Mr. Sage provided false and misleading
statements to potential investors when offering shares in a
property development. The charges relate to misleading
statements made verbally, and misleading investment brochures
given to prospective investors, in relation to the Pacific Tower
development in Hawthorn, Victoria and the Pacific Heights
development in Heidelberg, Victoria.

Mr. Sage also faces charges relating to failure to provide
investors in the Pacific Tower and Pacific Heights co-developer
scheme with the required disclosure documentation prior to
investors entering into the schemes.

ASIC further alleges that Mr. Sage dishonestly used his position
as a director to gain an advantage for himself, or another, in
relation to selling off company property while his group of
companies were under the control of external administrators. The
shortfall to creditors and investors of the Merchant Pacific
Group, currently in liquidation, is likely to exceed $14
million.

The alleged breaches of the Corporations Act occurred between
March 1999 and June 2002.

Mr. Sage, the sole director of Merchant Pacific Developments Pty
Ltd and Pacific Heights Developments Pty Ltd, was responsible
for the management and promotion of the building developments.
At the time, Mr. Sage was also an authorized representative and
financial adviser for another of his companies, Merchant Pacific
Investment Services Pty Ltd and promoted his investment projects
using this client base.

Mr. Sage is contesting the committal and the matter has been
adjourned for a four-day hearing starting on 13 February 2006.
Mr. Sage was not required to enter a plea. The Commonwealth
Director of Public Prosecutions is prosecuting the matter.


==============================
C H I N A  &  H O N G  K O N G
==============================

BANK OF CHINA: Taps Goldman Sachs to Arrange IPO
------------------------------------------------
Goldman Sachs Group Inc. was hired to prepare for an initial
public offering (IPO) for the Bank of China, Bloomberg reports.

Goldman, the world's leading stock underwriter, will work with
PricewaterhouseCoopers LLP, Bank of China's auditor, to arrange
an IPO to raise at least $5 billion as early as the first
quarter of 2006.

Bank of China last week agreed to sell a 10 percent stake to
Royal Bank of Scotland Plc, Merrill Lynch & Co. and a foundation
set up by Hong Kong billionaire Li Ka-shing for $3.1 billion.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA CONSTRUCTION: Trims NPLs, Eyes IPO
----------------------------------------
China Construction Bank (CCB) trimmed its bad debt burden in the
first half as if pursued a Hong Kong share listing by the end of
this year, China Securities Journal reports.

The bank aims to list by November to raise an estimated US$5
billion-US$10 billion, improved its non-performing loan ratio to
3.8 percent by the end of June from 3.92 percent at the end of
last year.

It has yet to report first-half results.

In its drive to transform itself into a commercial entity, the
bank wiped a mountain of sour loans off its books and improved
on its capital adequacy with the aid of a US$22.5 billion
government bailout it won in late 2003.


CHINA SOUTHERN: Launches Double FFP Mileage Program
---------------------------------------------------
China Southern Airlines, with the largest and most technically
advanced airline fleet in The People's Republic of China, is
partnering with its hometown FFP Marriott Hotel partner, The
China Hotel, A Marriott Hotel, with a new double FFP mileage
program.

In celebration of the China Hotel's Roof Restaurant and Bar and
Four Season's Top 100 Restaurants in Guangzhou ranking, China
Hotel, A Marriott Hotel will be offering a double delight to all
Sky Pearl Club members.

From September 1st to December 31, 2005, all Sky Pearl Club
members staying at China Hotel, A Marriott Hotel will enjoy
double mileage points.

"Be sure not to miss out on our award-winning cuisine and the
opportunity to fly even higher with China Southern Airlines,"
said Mr. Rauf Malik, General Manager.

For additional information on this special FFP offer and
reservations, please call The China Hotel, A Marriott Hotel at
(8620) 8666-6106 or e-mail reservation@chinahotelgz.com.

Marriott International, Inc. (NYSE:MAR) is a leading lodging
company with more than 2,600 lodging properties in the United
States and 65 other countries and territories. Marriott
International operates and franchises hotels under the Marriott,
JW Marriott, Renaissance, Bulgari, The Ritz-Carlton, Courtyard,
Residence Inn, SpringHill Suites, TownePlace Suites, and
Fairfield Inn brand names; develops and operates vacation
ownership resorts under the Marriott Vacation Club
International, Horizons, The Ritz-Carlton Club and Marriott
Grand Residence Club brands; operates Marriott Executive
Apartments; provides furnished corporate housing through its
Marriott ExecuStay division; and operates conference centers.
Marriott is also in the synthetic fuel business. The company is
headquartered in Washington, D.C. It is ranked as the lodging
industry's most admired company and one of the best places to
work by Fortune magazine. In fiscal year 2004, Marriott
International reported sales from continuing operations of $10
billion, and the company had approximately 133,000 employees at
year-end 2004. For more information or reservations, please
visit our web site at www.marriott.com.

The largest airline in The People's Republic of China for the
past 26 years, China Southern Airlines - www.cs-air.com/en -
connects more than 80 cities around the globe. Major business
and vacation destinations served in China include Beijing,
Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai,
Shenzhen and Wuhan, as well as international service, including
Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City, Islamabad,
Kuala Lumpur, Jakarta, Los Angeles, Manila, Melbourne, Moscow,
Osaka, Paris, Penang, Phnom Penh, Seoul, Singapore, Sydney and
Tokyo.

For China Southern Airlines reservations and information, please
contact your local travel agent.
  
CONTACT:
   
China Southern Airlines
Mr. Jeff Ruffolo Manager
Public Relations Office 1 -909 -734 -6141
Cellular: 1-949-278-6440
Fax: 1 -909 -734 -6144
E-Mail: RuffoloPR@aol.com
Web site: http://www.cs-air.com/en


CHINA SOUTHERN: 1H05 Net Loss May Hit CNY253 Mln
------------------------------------------------
JPMorgan Chase & Co. expects China Southern Airlines to post
CNY253 million net loss in the first half of this year, versus a
net profit of CNY357 million a year earlier, Dow Jones reports.

Even with decent revenue growth, company expenses are expected
to spiral out of control, especially on fuel. Regulated ticket
pricing in China leaves management with little room to
streamline business.


CHINA UNICOM: Posts 1H05 RMB610-Mln CDMA Loss
---------------------------------------------
China Unicom Limited Executive Director and CFO Tong Jilu said
on the analyst meeting that the group's CDMA business saw a loss
of RMB610 million in the first half this year, Infocast News
reports.

CDMA is short for Code-Division Multiple Access, a digital
cellular technology that uses spread-spectrum techniques.

The group's results announcement suggests that the operating
loss for the CDMA segment has shrunk from the end-2004 RMB584
million to RMB458 million.  

The Group is the only provider of integrated telecommunications
services in China, offering a wide range of telecommunication
services, such as GSM cellular, international and domestic long-
distance, data, Internet and paging services.

CONTACT:

China Unicom Limited
75/F, The Center
99 Queen's Road Central
Hong Kong  
Phone: 21262018  
Fax: 21262016  
Web site: http://www.chinaunicom.com.hk


LANEX INVESTMENTS: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the creditors of Lanex Investments
Limited, which is being wound up voluntarily is required on or
before September 26, 2005 to send in their names, addresses and
full particulars of their debts or claims and the names and
addresses of their solicitors, if any, to the liquidator.

If so required by notice in writing from the Liquidator, of the
Company, either by themselves or by their solicitors, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be deemed to have waived all or
any of such debts or claims and the Liquidator of the Company
shall be entitled seven days after the above date to distribute
the assets in specie and funds available or any part thereof to
the members.

Dated this 26th day of August 2005

TAM TAK KUEN
Liquidator
34th Floor, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong


LINHUA SUPERMARKET: Matthews Ups Stake to 5.1%
----------------------------------------------
Matthews International Capital Management has raised its stake
in Linhua Supermarket Holdings (0980) to 5.10 percent from 4.96
percent by purchasing 287,000 shares on August 24, according to
Infocast News.

The Group is leading retail chain operator in the PRC. It
operates hypermarkets, supermarkets and convenience stores, a
majority of which are operating under Centurmart hypermarkets,
Lianhua supermarkets and Lianhua Quik Convenience stores.

As of December 31, 2004, the company has current assets of
HK$2.08 million while its current liabilities stood at HK$2.63
million, according to Chong Hing Securities Ltd.

CONTACT:

Linhua Supermarket Holdings Co. Ltd.
26th to 27th Floors
Harcourt Building
39 Gloucester Road
Wanchai, Hong Kong  
Phone: 86-21-63937700  
Fax: 86-21-63931318  
Web site: http://www.lhok.com.cn


MAE HOLDINGS: FY05 Net Loss Narrows to HK$39.8 Mln
--------------------------------------------------  
MAE Holdings Limited posted a net loss of HK$39.75 million for
the fiscal year ended April 30, versus a net loss of HK$42.82
million a year earlier, according to Infocast News.

Loss per share (LPS) was $0.2101. No final dividend was
declared.  

The Group is engaged in the manufacture and sale of electrical
adaptors, transformers and related accessories, plastic moulds
and electrical products.  

CONTACT:

Mae Holdings Limited
Rms E2 & E8, 15/F, Block E
Wah Lok Ind., Center
31-35 Shan Mei Street,
Fotan, New Territories
Hong Kong  
Phone: 31253125  
Fax: 26948854  
Web site: http://www.mae.com.hk


MASTER CASTLE: Winding Up Hearing Fixed September 7
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Master Castle Limited by the High Court of Hong Kong Special
Administrative Region was on July 6, 2005 presented to the said
Court by Lanard Toys Limited whose registered office is situated
at 6th Floor, Energy Plaza, 92 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
September 7, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

ADRIAN YEUNG & CHENG
Solicitors for the Petitioner
Suite 2308, 23rd Floor, Cosco Tower
No. 183 Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 6, 2005.


NEW CHINESE: SFC Settles Disciplinary Action With Ip Hon-man
------------------------------------------------------------
The Securities and Futures Commission (SFC) said it has
reprimanded Mr. Ip Hon-man, a licensed representative of UOB Kay
Hian (Hong Kong) Limited and UOB Kay Hian Futures (Hong Kong)
Limited, for accepting orders from third parties without proper
authorizations and account opening failings.

Mr. Ip agreed to pay $100,000 to the SFC in settling the SFC's
disciplinary action against him. The SFC accepted the payment in
lieu of a proposed three-month suspension.

The SFC considered the settlement to be in the public interest
and will pay the sum to government revenue.

The action stemmed from a market manipulation investigation into
the trading of New Chinese Medicine Holding Limited (8085)
shares from August to September 2002. At the relevant time, Mr.
Ip was an account executive of Luk Fook Securities Limited and
handled the accounts of four Luk Fook clients who traded in New
Chinese Medicine shares.

Ip allowed third parties, whose full names he did not know, to
place orders through the four client accounts without obtaining
written authorizations from the clients. He also recklessly
represented that he had witnessed the signing of the account
opening documents by two clients when in fact he had not.

The SFC concluded that Mr. Ip had been guilty of misconduct and
his fitness and properness had been called into question.

As explained in the financial statements of New Chinese
Medicine, it sustained a net loss of HK$3.4 million for the year
ended March 31. The Group also had net current liabilities of
HK$5,216,661 as at the balance sheet date.

CONTACT:

New Chinese Medicine Holdings Limited
1/F, Wing Fai Shopping Arcade
52 Wing Kwong Street
Hunghom, Kowloon, HK
Phone: 23634633
Fax: 27248993
Web site: http://www.newchinesemedic.com
  

PCCW LIMITED: Unit Enters Acquisition Deal
------------------------------------------
PCCW Limited announced that PCCW IMS China, an indirect wholly-
owned subsidiary of the Company, entered into the Framework
Agreement with China Netcom and CNCBB on August 25, 2005 whereby
PCCW IMS China will acquire from the China Netcom Group 50
percent of the registered capital of CNCBB, subject to the
completion of the CNCBB Reorganization and in accordance with
the terms of the Framework Agreement as more particularly
described in this announcement.

THE FRAMEWORK AGREEMENT

Major terms and conditions of the Framework Agreement are as
follows:

Date: August 25, 2005
Parties: China Netcom (as vendor)
PCCW IMS China (as purchaser)
CNCBB (as the target company)

Assets involved: 50% of the registered capital of CNCBB after
the completion of the CNCBB Reorganization

Consideration: The consideration will be approximately
RMB318,000,000 (approximately HK$305,770,000), subject to the
approval by the State-owned Assets Supervision and
Administration Commission of the PRC of the valuation of CNCBB
(after completion of the CNCBB Reorganization) to be prepared by
an independent valuer.

The consideration was arrived at after arm's length negotiation
between the parties having regard to net asset values of CNCBB
Hangzhou and CNCBB Ningbo and the potential of the broadband
services market in the PRC.

Conditions Precedent: Obligations under the Framework Agreement
are subject to, amongst other things, the fulfillment of the
following major conditions precedent:

(i) the agreement by other independent third parties to acquire
the remaining, other than the 50% interests to be acquired by
PCCW IMS China, 50% equity interests of CNCBB from China Netcom
Group on or before September 15, 2005;

(ii) the resolution to the satisfaction of PCCW IMS China of
CNCBB Hangzhou and CNCBB Ningbo matters involving the CNCBB
Reorganization (including trademarks and non-competition) on or
before September 15, 2005;

(iii) the confirmation that there is no legal impediment for
China Netcom in respect of the CNCBB Reorganization on or before
September 15, 2005;

(iv) the execution of all legally binding agreements in respect
of the CNCBB Reorganization on or before September 22, 2005;

(v) the provision of a legal opinion from CNCBB's PRC legal
advisors that the CNCBB Reorganization complies with the
relevant PRC laws and regulations and that CNCBB Hangzhou and
CNCBB Ningbo can carry out their businesses in accordance with
the business scope specified in their existing business licenses
and value added telecommunications licenses on or before
September 22, 2005; and (vi) the completion of due diligence on
CNCBB to the satisfaction of PCCW IMS China on or before
September 22, 2005 and notification of the same by PCCW IMS
China to China Netcom on or before October 8, 2005.

In the event any of the conditions precedent has not been
satisfied (and/or waived) on or before the respective specified
dates (or such later dates as may be agreed by the parties), the
Framework Agreement shall be terminated and the parties shall
not have any claims against each other.

Undertakings by
China Netcom:

Subject to the relevant PRC laws and regulations, upon PCCW IMS
China becoming a holder of 50% of the registered capital of
CNCBB, China Netcom shall:

(i) appoint CNCBB Hangzhou and CNCBB Ningbo as exclusive agent
of the local branches of China Netcom in Hangzhou and Ningbo
respectively of all services of such local branches (excluding
mobile services) for a period of 2 years, such exclusive right
does not prohibit any direct sale by such local branches;

(ii) provide the exclusive use by CNCBB of 5 numbering sets
under the 116 value-added services number of China Netcom, as
agent of China Netcom on a national basis; and

(iii) lease to CNCBB of network resources, computer rooms, lease
lines, Internet data centre and the connections to internet
exchange and international bandwidth at the most favorable rate
having regard to the local prevailing rate.

Other terms: China Netcom and CNCBB shall terminate the joint
venture contracts between China Netcom and the other 5 minority
shareholders of CNCBB before the CNCBB Reorganization.

CNCBB

As at the date of this announcement, China Netcom is interested
in approximately 81.6% of the registered capital of CNCBB. As a
part of the CNCBB Reorganization, the China Netcom Group intends
to acquire from the minority shareholders of CNCBB all of the
remaining registered capital of CNCBB.

CNCBB is engaged in broadband access, value-added services and
reselling for all the China Netcom Group's voice services. The
registered capital of CNCBB amounted to approximately
RMB921,500,000 (approximately HK$886,000,000). Upon completion
of the CNCBB Reorganization (which is expected to be completed
at around end of 2005), CNCBB will become a wholly owned
subsidiary of a designated subsidiary of China Netcom and will
be holding the following major assets:

(i) 51% of CNCBB Hangzhou which is engaged in Internet access
information services in Hangzhou, the PRC; and

(ii) 54.48% of CNCBB Ningbo, which is engaged in Internet access
information services in Ningbo, the PRC.

REASONS AND BENEFITS OF THE TRANSACTION

CNCBB is a broadband service provider in the PRC. Established in
2001 by China Netcom, CNCBB's major business activities are
broadband access, value-added services and reselling the China
Netcom Group's voice services. The directors of the Company
consider that the investment by PCCW IMS China in CNCBB will
create synergy for the broadband business of the Group and will
enable the Group to explore opportunities and to expand beyond
Hong Kong for its broadband services and other value-added
services in the PRC through its investment in CNCBB.

Having considered the terms and conditions of the Framework
Agreement and the benefits of the transaction to the Company,
the directors (including the independent non-executive
directors) of the Company believe that the terms of the
transaction contemplated under the Framework Agreement are fair
and reasonable and in the interests of the shareholders of the
Company as a whole.

REQUIREMENTS OF THE LISTING RULES

CNC BVI, an indirect wholly owned subsidiary of China Netcom, is
a substantial shareholder and connected person (as defined in
the Listing Rules) of the Company.

Accordingly, the China Netcom Group and CNCBB are therefore
connected persons of the Company under the Listing Rules. The
transaction therefore constitutes a connected transaction of the
Company under Chapter 14A of the Listing Rules.

As the relevant percentage ratios (as defined in the Listing
Rules) for the transaction contemplated by the Framework
Agreement exceed 0.1% but are less than 2.5%, the transaction is
only subject to the reporting and announcement requirements set
out in Rules 14A.45 to 14A.47 of the Listing Rules and is exempt
from the independent shareholders' approval requirements under
Rule 14A.32 of the Listing Rules. Details of the transaction
will be included in the next published annual report of the
Company.

By the Order of the Board
PCCW Limited
Hubert Chak
Company Secretary
Hong Kong, August 25, 2005


PONTEL LIMITED: Creditors Asked to Prove Debts by September 26
--------------------------------------------------------------
Notice is hereby given that the Creditors of Pontel Limited,
whose debts or claims have not already been admitted, are
required on or before September 26, 2005 to prove by affidavit
their debts or claims by sending their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors to the
undersigned Liquidators.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors or duly authorized
representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 26th day of August 2005

Natalia K M Seng
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Roard,
Wanchai, Hong Kong


SHANGHAI LAND: Former Manager Denies ICAC Fraud Charges
-------------------------------------------------------
Ms. Sandy Mo, the former general manager of Shanghai Land
Holdings (0067), on Thursday pleaded not guilty to fraud and
other charges, The Standard reports.

The Independent Commission Against Corruption is accusing Ms. Mo
of treading on civil liberties.

Ms. Mo is the wife of Chau Ching-ngai, the Company's former
Chairman and once one of China's richest property tycoons. Mr.
Chau is serving a three-year jail sentence in the mainland on a
range of counts including fraud.

The court hearing is scheduled to run until September 22.

CONTACT:

Shanghai Land Holdings Limited
18/F., Two International Finance Centre
8 Finance Street, Central, Hong Kong
Phone: 22326767
Fax: 22326700
Web site: http://www.shanghailand.com


STAR CRUISES: S&P Affirms 'BB' Rating
-------------------------------------
Standard & Poor's Ratings Services said Friday it affirmed its
'BB' corporate credit ratings on Star Cruises Ltd., a cruise
company headquartered in Hong Kong, and its subsidiary,
NCL Corp. Ltd. The outlooks on both companies are stable.

"The affirmation on the ratings reflects the Star Cruises
group's established market position in the Asian cruise market,
and strategic importance to its parent, Malaysia-based Genting
Bhd.," said Standard & Poor's credit analyst Nancy Koh.
"Nevertheless, the ratings are constrained by the relatively
small size of the Star Cruises group, its less competitive and
profitable fleet, intense industry competition, and the group's
volatile profitability and very aggressive capital structure."

The rating on NCL Corp. Ltd. is closely tied to the
creditworthiness of its parent, Star Cruises, given the
importance of NCL as the North American arm of the group, the
strong influence of Star Cruises on NCL's business operations
and financial policies, and the expectation of continued support
from Star Cruises.

The rating on Star Cruises is constrained by its weaker market
position and small size relative to its two main competitors,
Carnival Corp. (A-/Positive/A-2) and Royal Caribbean Cruises
Ltd. (RCL; BB+/Positive/--). As a result, Star Cruises lacks the
critical mass and scale benefits enjoyed by its larger peers. A
key challenge for the group is to strengthen its position in
North America without letting its relatively older fleet with
fewer facilities damage its brand equity.

The group has a very aggressive capital structure and volatile
profitability-operating margins of 17%-22% in the past four
years reflect its weaker competitive position and vulnerability
to geopolitical and economic factors. Operating cash flows have
been insufficient to cover capital expenditure, resulting in
heavy reliance on debt to fund its growth.

In addition, the emergence of Singapore's two integrated resorts
could threaten Star Cruises' position in the Asian cruise
market, as a large portion of its revenue comes from gaming
activities on board its cruise ships. Nevertheless, this concern
could be mitigated if Star Cruises (jointly with Genting Bhd.)
wins a bid for the proposed resorts. As with the other cruise
operators, Star Cruises is exposed to the sensitivity of the
travel and leisure industry to economic cycles and geopolitical
risks.

These weaknesses are, however, offset by the group's established
63% share in the Asian cruise market. The company should be able
to sustain its position in the region due to its well-known
"Star Cruises" brand. Ownership by Malaysia-based Genting Bhd.
(BBB+/Stable/--) and ultimate shareholder, Tan Sri Lim Goh Tong
and his family, which together control more than 50% of Star
Cruises, also supports the group's credit strength.

The stable outlooks on NCL and Star Cruises reflect the
expectations of moderate industry growth, and continued support
from Genting and the Lim family given the Star Cruises group's
importance in the Genting group's core leisure and hospitality
business.

In addition, the stable outlook on Star Cruises reflects the
expectation that Star Cruises will continue to maintain a
financial profile that supports the existing ratings level, even
as it strives to improve its market position through its fleet
renewal program. Standard & Poor's believes that there is strong
incentive for Star Cruises and Genting to be competitive in
their joint bid for one of the two Singapore integrated resorts.
Nevertheless, should Star Cruises substantially increase its
gearing level and weaken its cash flow protection measures to
pursue ambitious acquisitive or expansion growth, the rating
could be subject to downward pressure.


=================
I N D O N E S I A
=================

KIANI KERTAS: JPMorgan Goes Solo in Bid to Acquire Firm
-------------------------------------------------------
Financial services firm JPMorgan Chase & Co. has announced that
it is withdrawing from a consortium bidding to acquire troubled
Indonesian pulp & paper firm PT Kiani Kertas, and may bid for
the paper firm separately, reports the Financial Times.

The Company was going to be sold to a consortium of JPMorgan and
local investment firm Kingsclere Finance for USD700 million
(IDR7.23 trillion). The consortium was set to pay USD200 million
(IDR2.07 trillion) in cash for the Company, and would acquire
USD500 million (IDR5.17 trillion) of its debt.

Once the deal would be concluded, JPMorgan would retain a 20%
stake in Kiani Kertas, while 80% would be sold to Singaporean
firm United Fiber System Limited (UFS).

But due to disagreements on certain issues, JPMorgan decided to
withdraw from the deal, which endangered the potential 80% stake
sale of the Company to UFS, which had already signed an
agreement to inject funds into the Company and resume its
operations.

JPMorgan's withdrawal from the consortium is also expected to
weaken Kiani Kertas' efforts to restructure a hefty IDR1.7
trillion owed to Indonesia's Bank Mandiri.

CONTACT:

PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax:    +62(21)8379-3215
Web site: http://www.kiani.com


PERTAMINA: Singapore Court Rejects U.S. Firm's Claim to Assets
--------------------------------------------------------------
In an update to an ongoing legal battle between state oil and
gas firm PT Pertamina and U.S.-based firm Kahara Bodas Company
(KBC), a Singapore appeal court rejected KBC's claim to the
Company assets, the Jakarta Post reports.

After the government ended a contract on a geothermal project in
Kahara Bodas, East Java, of which KBC was an independent
producer, the U.S. firm filed a lawsuit against the Company in
an international arbitration court, for breach of contract.

The international court ruled in favor of KBC in 2000, ordering
Pertamina to pay USD261 million (IDR2.71 trillion) in
compensation to KBC. A U.S. court later uplehd the ruling, and
this time ordered the Company to pay USD291 million (IDR3.02
trillion), which has since risen to over USD300 million (IDR3.11
trillion) due to interest.

In 2002, a U.S. district court froze USD285 million (IDR2.96
trillion) of Pertamina's assets that were depoisted in U.S.
banks, upon the Company's refusal to pay the compensation.

The recent ruling, together with a previous ruling that favored
Pertamina last March, will allow the Company to challenge court
orders to freeze assets that were requested by KBC, according to
Company spokesman Mochmad Harun.

The government, on the other hand, is still open to the
possibility of an out-of-court settlement with KBC.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


=========
J A P A N
=========

MITSUBISHI MOTORS: Releases New Triton Pickup Truck in Thailand
---------------------------------------------------------------
Mitsubishi Motors Corporation has announced the release on the
Thailand market of the new 'Triton' 1-ton pickup truck.

Replacing the current Strada after a full redesign, the new
Triton pickup is assembled at Mitsubishi Motors local facility
in Laem Chabang, Thailand. Following the Thai launch, the
company plans to start shipping this pickup model to other
countries and regions, and thus, it is expected to play a major
role in terms of the Company's global market strategy and of
achieving the Mitsubishi Motors Revitalization Plan.

Triton has been developed as a global strategic model to the
following three key concepts:

1. To fully satisfy user needs in terms of pickup economy,
durability and reliability;

2. To offer levels of quality that further raises and
consolidates the standing of the Mitsubishi Motors brand on a
global scale;

3. To accommodate the needs of a broad customer base not limited
to commercial use.

The major features that distinguish the new Triton pickup are:
An original and stylish exterior/interior design that adds a
sporty dash to pickup toughness; packaging that provides a best-
in-class roomy interior living space; and suspension and
interior appointments that realize sedan levels of comfort and
ride. These elements serve both to highlight the originality and
advanced qualities Triton brings to the pickup segment and also
to eliminate the commonly held image of a pickup being a vehicle
design purely for commercial use. As such, these characteristics
are expected to make a major contribution in expanding the
customer base for Mitsubishi brand pickup trucks.

Triton models are powered by a newly-developed common rail
direct injection diesel engine that delivers high outputs while
returning low consumption, clean emissions and quiet operation.
Other customer-winning features include a new body with top-
rating crashworthiness in the class and a Dakar Rally-honed
four-wheel drive system that delivers outstanding all-surface
performance. The attractive design and go-anywhere component
specification puts the Triton next-generation pickup ahead of
the market in all aspects of performance.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp

This is a company press release.


MITSUBISHI MOTORS: Unveil Sales, Export Figures for July 2005
-------------------------------------------------------------
Mitsubishi Motors Corporation on Friday announced global
production, as well as domestic sales and export results for
July 2005.

Total global production was 122,830 units, a decline of 5.9
percent from July 2004. Domestically, 63,916 units were produced
in the month, 19.9 percent more than the same period last year.

Total Sales in Japan came to 20,367 units, or a 28.4 percent
increase of the previous period's figure. Domestic sales have
now increased year-on-year for three consecutive months. Total
sales for passenger cars were 13,298 units, 137.4 percent of
last year's volume, while commercial vehicle sales also
increased steadily, reaching 7,069 units, or 114.3 percent year-
on-year.

Overseas production for the month decreased to 58,914 units, a
23.7 percent decrease from the amount manufactured last year.
European production dropped to 4,483 units, a drop of 63.6
percent on the previous year. Production in Asia declined to
41,844 units, 81.6 percent of last year's figure for July, while
production in North America also fell 24.6 percent to 7,757
units.

Total exports from Japan dropped by 10.8 percent to 31,755
units. Exports to Europe reached 12,097 units, or 118.5 percent
year-on-year. Exports to Asia were down by 50.9 percent, for a
total of 3,670 units, while exports to North America increased
to 5,030 units, or 120.5 percent compared to the year before.

This is a company press release.


SEIBU RAILWAY: Falls Into Negative Net Worth
--------------------------------------------
Seibu Railway Co. sustained a loss of JPY31.6 billion in the
three months through June and liabilities were in excess of its
assets by JPY4.1 billion, Kyodo News reports.

The railway and resort facilities operator, now under
rehabilitation, attributed the negative net worth to about JPY50
billion in valuation losses that it booked under the asset
impairment accounting rule.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237


SEIYU LIMITED: To Join Wal-Mart in January
------------------------------------------
Wal-Mart Stores Inc. will likely raise its stake to more than 50
percent in affiliate Seiyu Limited to make it a subsidiary in
January, according to Nikkei Financial Daily, citing Seiyu CEO
Noriyuki Watanabe.

A Seiyu spokesman confirmed the comments, but added that the
move was subject to approval by Wal-Mart's board.

"We are currently negotiating the capital increase method and a
timeline," quoted Watanabe as saying in an interview. "If all
goes as planned, Seiyu will become Wal-Mart's Japanese unit in
January."

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763


UFJ HOLDINGS: Cancels Listing in London
---------------------------------------
UFJ Holdings, Inc. has requested the cancellation of the
secondary listing of its shares of common stock from the
Official List of the U.K. Listing Authority prior to the
proposed merger with Mitsubishi Tokyo Financial Group, Inc.
(MTFG) to be effective on October 1, 2005.

In accordance with the U.K. Listing Authority's Listing Rules,
the Company is required to give at least 20 business days'
notice of the cancellation taking effect.

It is intended that MTFG, as the surviving entity, would
continue to have its primary listing on Tokyo Stock Exchange and
secondary listing on London Stock Exchange after the
consolidation.

PROPOSED TIMETABLE

CLOSED OF BUSINESS

Monday, 26 September 2005: Cancellation of the Company's
secondary Listing of shares of common stock on London

Tuesday, 27 September 2005: Cancellation of the Company's
listing of shares of common stock on Tokyo, Osaka and Nagoya

Saturday, 1 October 2005: The merger effective

For further information please contact:

Shiro Ikushima
Senior Manager, Group Planning Department
Telephone: +81 3 3212 5462
Facsimile: +81 3 3212 5869

This is a company press release.


* Teikoku Unveils 49 Bankrupt Healthcare Providers in 2004
----------------------------------------------------------
The national healthcare expenditure has grown by over 30 percent
in the recent decade and it is expected to increase further due
to the future progress of an aging society. On the other hand,
the number of bankruptcies filed by healthcare providers
continues to remain high.

Teikoku Databank conducted research and analysis on the
bankruptcy trend on healthcare providers (hospitals, clinics,
and dental clinics) from 1987 to 2004 (on a yearly bases)

(* Hospitals are facilities with 20 or more beds. Clinics are
facilities with less than 20 beds.)

The number of bankruptcies of nationwide healthcare providers
from 1987 to 2004 (April 1, 1987 - March 31, 2005) was 628.
There were 49 cases in 2004, setting the worst record since
1987. In particular, a high level of bankruptcies has been filed
since 1999 (every year except year 2001 reported more than 40
cases of failure). Looking back before 1999, the number of
bankruptcies was high during 1992 - 1994, right after the burst
of the bubble economy.

Facility Type: The number of bankruptcies of "hospitals" was 140
(22.3% of total). That of "clinics" was 220 (35.0%) and "dental
clinics" was 268 (42.7%).

Type of Bankruptcies: Since 2002, "insolvency" has surpassed the
"voluntary reorganization", which was the most common cause in
the past.

"Insolvencies" accounted for 53.1% in 2004, setting the highest
ratio since 1987. During 1987-2004, "voluntary reorganization"
was the highest (396 cases, 63.1%), followed by "insolvency"
(160 cases, 25.5%)" and "The Civil Rehabilitation Law" (39
cases, 6.2%). 208 healthcare providers filed for bankruptcy
after April 2000 when the "Civil Rehabilitation Law" was
enforced. Among them, 39 cases were filed under the "Civil
Rehabilitation Law" (18.8% of total).

Liabilities by Year: The highest level of liabilities were
recorded in "1993" (JPY54,854 million), followed by the year of
"1991" (JPY43,887 million) and "1992" (JPY36,436 million).
Large-sized liabilities were seen during the bubble period.

The average amount of liabilities per case were JPY443.63
million in 2004 when the number of bankruptcies was the highest,
compared to JPY1,482.54 million in 1993 when the amount of
liabilities was the highest. The amount of liabilities per case
is tending to decrease.

The increase of the number of bankruptcies filed by healthcare
providers in recent years may be resulting from patients'
serious attitude towards evaluating and selecting the ideal
clinic based on the society's trend of aging and low birthrate,
while the number of facilities such as clinics and dental
clinics increases.

CONTACT:

Teikoku Databank America, Inc.
747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com


=========
K O R E A
=========

ASIANA AIRLINES: Independent Body to Arbitrate Dispute
------------------------------------------------------
The unionized pilots of Asiana Airlines Inc. rejected the
government's mediation plan, revealed Associated Press.

As a result the government referred the dispute to an
independent committee for arbitration.

The pilots agreed to some of the Labor Ministry's plan such as
the issue of overall flying hours, Pilot and union spokesman Lee
Hack-ju said. But the retirement age issue remains unresolved.  

Mr. Lee said the pilots are angry that the airline penalized
them a deduction of two months salary even though the strike
just lasted for 25 days.

The Labor Ministry referred the issue to the National Labor
Relations Commission after pilots refused to accept the
government's mediation plan, said ministry official Park Jong-
sun. The commission is an independent body that has the power to
dictate solutions to strikes when other means fail.

Earlier this month, the government exercised its special powers
to put an end to the strike, for it has affected the economy and
concerns about flight safety.  Related industries such as travel
agencies also suffered from the strike.  The overall losses
generated from the strike amounted to an estimate of KRW440
billion (US$430 million).

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


DAEWOO GROUP: Ex-President's Activities Scrutinized in Probe    
------------------------------------------------------------
The Central Investigations Unit of the Supreme Prosecutor's
Office questioned Kim Woo-jung, ex-president of Daewoo Group in
a probe to find out whether Mr. Kim tried to channel over KRW10
billion through Cho Poong-un, an expatriate businessman in the
U.S., to then president Kim Dae-jung, The Dong-A Ilbo said.

Also a measure to charge Daewoo Group's former president with
embezzlement is currently being studied.  The probe wants to
prove that Mr. Kim could be charged with embezzlement for
delivering $44.3 million (about KRW45 billion) to KMC
International in Hong Kong, of which Mr. Cho was an executive in
June 1999.

The Prosecutor's Office confirmed that Kim Woo-jung delivered
funds from BFC, Daewoo's overseas financial organization, to KMC
before KMC bought shares in Daewoo Information Communications.

According to Kim Woo-jung, the money in question had been
borrowed from Mr. Cho and kept at BFC before Mr. Kim paid back
Mr. Cho.  However, the Prosecutor's Office said Mr. Kim has yet
to prove his explanation.

But according to Kim Dae-jung's aide Choi Kyung-hwan, "Former
President Kim never received illicit funds. Some people sent in
lobbying money even after the political funds law was revised
and enacted on November 14, 1997, but the money were all sent
back."


===============
M A L A Y S I A
===============

AKTIF LIFESTYLE: Names New Auditor
----------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) issued to Bursa
Malaysia Securities Berhad details on the:

(1) Resolutions passed at 11th Annual General Meeting (11th AGM)

(2) Change of Auditors

The Board of Directors of Aktif informed the exchange that at
its 11th AGM, the shareholders of Aktif have approved all the
ordinary resolutions as set out in the Notice of 11th AGM dated
August 2, 2005.

The board also disclosed that the shareholders of the Company at
the said meeting have approved the resolution to appoint Messrs
Deloitte KassimChan as Auditors of the Company in place of the
retiring auditors, Messrs Ernst & Young, to hold office until
the conclusion of the next Annual General Meeting at a
remuneration to be determined by the Directors.

This announcement is dated 25 August 2005.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


ANTAH HOLDING: Court Strikes Off Wind Up Petition on Unit
---------------------------------------------------------
Antah Holdings Berhad (Antah) furnished Bursa Malaysia
Securities Berhad an update on the winding-up petition against
Kaseh Lebuhraya Sdn. Bhd. (Kaseh), a wholly owned subsidiary of
Antah Holdings Berhad.  

Further to the Company's announcements on July 6, 2005 and July
12, 2005, the Company informed the exchange that it has been
advised by Kaseh's Solicitors that the Winding up petition has
been struck off by the Court, with liberty to file afresh.

This announcement is dated 25 August 2005.

CONTACT:

Antah Holdings Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


BUKIT KATIL: Issues Update on Defaulted Loans
---------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKatil)
issued to Bursa Malaysia Securities Berhad an update on the
following loan facilities.

Bumiputra Commerce Bank Berhad

The application by the bank to enter summary judgment against
the company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004.

The company has filed a Notice of Appeal against the said
decision to the Judge in Chamber. No date has been set for
hearing.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Application for Execution of Order for Sale
has been fixed for hearing on September 19, 2005.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the company on November 14,
2003. The High Court on 8th September allowed the bank's
application for the winding-up petition.

The Company has already filed a Notice of Appeal to the Court of
Appeal against the decision of the High Court. A stay of
execution of the winding-up order was filed on October 5, 2004.
The High Court dismissed the company's application for stay on
May 10, 2005. The company has filed a motion of stay at the
Court of Appeal.

Alliance Merchant Bank Berhad

No date has been set to consider the Bank's application for
summary judgement.

Perbadanan Kemajuan Negeri Pahang

The company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
April 19, 2004, a final judgment was granted by the High Court
for MYR14.0 million against the company, inclusive of interest
until the date of full settlement. The court dismissed the
company's appeal against the said judgment on November 18, 2004.
The Company is in the midst of filing a Notice of Appeal to the
Court of Appeal.

The company is currently in the process of formulating a debt-
restructuring proposal for all the above liabilities.

The Board of Directors of BKatil would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

To view a table of borrowings in default, click
http://bankrupt.com/misc/BukitKatilResourcesBerhad082605.pdf

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


DATUK KERAMAT: Appeals Court Decision to Wind Up Business
---------------------------------------------------------
Datuk Keramat Holdings Berhad issued to Bursa Malaysia
Securities Berhad status on the winding up petition served by
Ambank Berhad.

The company refers to its announcement made to the Exchange on
January 15, 2004 in respect of the winding up petition served
against the Company by Ambank Berhad.

The Company advised that it had applied to strike out the
winding up petition and stay of winding-up petition.

The Court had on August 23, 2005 dismissed the application to
strike out the petition and proceeded to wind up the Company.

The Company has filed a notice of appeal at the High Court on
August 23, 2005.

The Company contending that the winding up of the Company is
null and void and shall be challenging the winding up.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DATUK KERAMAT: Remains Suspended Over Failure to Submit FS
----------------------------------------------------------
Datuk Keramat Holdings Berhad issued to Bursa Malaysia
Securities Berhad an update on the interim financial report for
the first Financial Quarter ended March 31, 2005.

The company refers to its announcement made on June 6, 2005 in
respect of the above subject matter.

The company advised the following to the exchange:

(1) The Company has yet to submit the 1st QTR 2005 as at to
date.

(2.) The Company is not able to submit the 1st QTR 2005 on or
before the expiry of the 3 months period from May 31, 2005 i.e.
August 31, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of 3 months
from May 31, 2005 i.e. September 1, 2005 and shall only be
uplifted on the market day following the submission of the
outstanding 1st QTR 2005.

However, the trading in the securities of the Company has been
suspended since August 1, 2005 following the non submission of
the Annual Audited Accounts together with the Auditors' and
Directors' Reports for the financial year ended December 31,
2004 (AAA2004).

(4) The reason for the delay is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.


GEORGE TOWN: Unable to Submit Financial Report
----------------------------------------------
George Town Holdings Berhad furnished Bursa Malaysia Securities
Berhad an explanation on its failure to submit interim financial
report for the first financial quarter ended March 31, 2005.

The company refers to its announcement made on June 6, 2005 in
respect of the above subject matter.

The company advised the following:

(1) The Company has yet to submit the 1st QTR 2005 as at todate.

(2) The Company is not able to submit the 1st QTR 2005 on or
before the expiry of the 3 months period from May 31, 2005 i.e.
August 31, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry 3 months from
May 31, 2005 i.e. September 1, 2005 and shall only be uplifted
on the market day following the submission of the outstanding
1st QTR 2005. However, the trading in the securities of the
Company has been suspended since August 1, 2005 following the
non-submission of the Annual Audited Accounts together with the
Auditors' and Directors' Reports for the financial year ended
December 31, 2004 (AAA2004).

(4) The reason for the delay is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


HARVEST COURT: Books MYR434 in 2Q Net Profits
---------------------------------------------
Harvest Court Industries Bhd furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter report for the
period ended June 30, 2005.  

Summary of Key Financial Information
June 30, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

    6,589         15,326          14,965         21,099

(2) Profit/(loss) before tax  

    -345          -1,112          -1,220         -1,471

(3) Profit/(loss) after tax and minority interest  

    -434          -1,112          -1,310         -1,471

(4) Net profit/(loss) for the period

    -434          -1,112          -1,310         -1,471

(5) Basic earnings/(loss) per shares (sen)  

    -1.92          -5.16           -5.83          -6.83

(6) Dividend per share (sen)  

    0.00           0.00            0.00           0.00

     As at End of                As at Preceding
     Current Quarter             Financial Year End

(7) Net tangible assets per share (MYR)  

      0.3000                     0.3500     

Click to view a full copy of the financial results
http://bankrupt.com/misc/HarvestCourt082605.xls

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151


HONG LEONG: Completes Proposed Disposal
---------------------------------------
Hong Leong Bank Berhad furnished Bursa Malaysia Securities
Berhad an update on the proposed disposal by Hong Leong Bank
Berhad of its entire equity interest in Credit Corporation
(Malaysia) Sdn Bhd to HLCM Capital Sdn Bhd for a total cash
consideration of MYR5,000 (Proposed Disposal).

Further to Hong Leong Bank Berhad's (HLB) announcement dated
June 16, 2005, HLB informed the Exchange that the approval of
the Foreign Investment Committee for the Proposed Disposal has
been obtained. The Proposed Disposal was completed.

This announcement is dated 25 August 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


INTAN UTILITIES: Issues Update on Payment Default
-------------------------------------------------
Intan Utilities Berhad issued an update on default in payment
under Practice Note 1/2001 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

Further to the announcement dated July 27, 2005 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, the Board of Directors disclosed that
the summary of the borrowings in default and the steps taken to
address the defaults by IDS Electronics Sdn. Bhd. and IDS
Technology Sdn Bhd, 70 percent effectively owned subsidiaries of
Intan Utilities Berhad, details of which are as per attached.

To view a list of loans defaulted, click
http://bankrupt.com/misc/IntanUtilitiesBerhad082605.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


JOHN MASTER: 2Q Net Loss Reaches MYR570,000
-------------------------------------------
John Master Industries Berhad furnished Bursa Malaysia
Securities Berhad its unaudited first quarter report for the
period ended June 30, 2005.

Summary of Key Financial Information
June 30, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/06/2005    30/06/2004      30/06/2005     30/06/2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

    10,700        9,952           10,700         9,952

(2) Profit/(loss) before tax  

    -509           -879           -509           -879

(3) Profit/(loss) after tax and minority interest  

    -570           -895           -570           -895

(4) Net profit/(loss) for the period

    -570           -895           -570           -895

(5) Basic earnings/(loss) per shares (sen)  

    -0.78          -1.23          -0.78          -1.23

(6) Dividend per share (sen)  

    0.00            0.00           0.00          0.00

      As at End                 As at Preceding
      of Current Quarter        Financial Year End

(7) Net tangible assets per share (MYR)  
  
      1.4809                     1.4887  

To view a full copy of the quarterly report, click
http://bankrupt.com/misc/JohnMasterIndustries082605.xls
http://bankrupt.com/misc/JohnMaster082605.doc

CONTACT:

John Master Industries Berhad
No 1 Jalan Industri PBP13 Taman Industri
Pusat Bandar Puchong 47100 Puchong, Selangor Darul Ehsan 56100
Malaysia
Telephone: +60 3 5891 3500
Fax:  +60 3 5891 3511


KEMAYAN CORPORATION: Court OKs Auction of Units' Properties
-----------------------------------------------------------
Further to the announcement dated December 16, 2004, the Board
of Directors of Kemayan Corporation Berhad informed Bursa
Malaysia Securities Berhad that upon the application of BI
Credit & Leasing Berhad (BICL) to enforce the charge against its
subsidiary, Kemayan Resources Sdn Bhd, the Seremban High Court
had on August 22, 2005 granted an Order for Sale to BICL to
dispose of all the following lands held under Mukim Rasah,
District of Seremban, Negeri Sembilan by public auction to be
fixed on February 23, 2006:

(1) H.S. (D) 95417 for P.T. No. 8264;
(2) H.S. (D) 95561 for P.T. No. 8408;
(3) H.S. (D) 95888 for P.T. No. 8735;
(4) H.S. (D) 95925 for P.T. No. 8772;
(5) H.S. (D) 96790 for P.T. No. 9637;
(6) H.S. (D) 96791 for P.T. No. 9638;
(7) H.S. (D) 97549 for P.T. No. 10396; and
(8) H.S. (D) 97550 for P.T. No. 10397

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888
Fax: +60 7 236 5307

  
KPS CONSORTIUM: Allowed to Seek 2nd Opinion on Due Diligence
------------------------------------------------------------
KPS Consortium Berhad (KPSCB) unveiled to Bursa Malaysia
Securities Berhad details of its Restructuring Scheme.

Reference is made to the approval from the Securities Commission
(SC) via its letters dated June 4, 2002 and August 15, 2002, on
the restructuring scheme of KPSCB (formerly known as Hai Ming
Holdings Berhad [HMHB]), which was subject to certain
conditions, in particular, the following:

(a) The Directors of Yap Swee Thiam & Sons Industries Sdn Bhd
(YSTSB) are required to renegotiate the terms of the agreement
in relation to the usage of the Malay Reserve Land known as
GM412, Lot 46082, Mukim Batu, Daerah Gombak (Lot 46082), to
ensure that the said agreement is deemed a rental agreement and
not a lease agreement (which is to be confirmed by the due
diligence solicitors) prior to the implementation of the
acquisition of the entire equity interests in Koh Poh Seng
Plywood Co. (M) Sdn Bhd, YSTSB and Akateak Sdn Bhd.

The SC recognizes the opinion of the Kamar Penasihat Undang-
undang Negeri Selangor (State Legal Adviser Selangor), where,
should there be a breach of terms or conditions of the rental
agreement of a Malay Reserve Land, the rights of the tenant may
be claimed on an individual basis from the landlord.

In the event the above cannot be obtained, YSTSB is required to
relocate its factory operations to a non Malay Reserve
Industrial Land where all the relevant approvals have been
obtained, no later than September 30, 2002, which was
subsequently extended to December 31, 2003 (as approved by the
SC via its letter dated August 15, 2002);

(b) The vendors of YSTSB are required to indemnify KPSCB for all
losses or damages incurred by YSTSB resulting from any action
taken by any parties or relevant authorities pertaining to
issues concerning the certificate of fitness (CF) and the Malay
Reserve Land; and

(c) The vendors of YSTSB together with the directors of KPSCB
are required to use their best endeavor to obtain the CF for the
factory and administrative building of YSTSB as soon as
possible.

Further, Public Merchant Bank Berhad (PMBB), on behalf of the
Board of YSTSB, a wholly owned subsidiary of KPSCB, had sought
the approval of the SC for the following:

(i) To appeal against the decision of the SC wherein, the SC had
requested for an opinion from the due diligence solicitors that
the agreement for the rental of Lot 46082 is deemed a rental
agreement and not a lease agreement and to allow YSTSB to obtain
a second opinion from a reputable legal firm for this matter;
and

(ii) In the meantime, subject to the decision of the SC on item
(i) above, the Board of YSTSB would like to seek an extension of
time for YSTSB to relocate its administrative office and factory
operations to a new premise, i.e. to a non Malay Reserve
Industrial Land with all the relevant approvals in the event the
revised terms of the tenancy agreement for Lot 46082 do not
satisfactorily fulfill the SC conditions.

Following thereto, PMBB, on behalf of KPSCB, advised that the SC
had, via its letter dated August 22, 2005, received on August
23, 2005, approved item (i) above based on the legal opinion
provided by Messrs Azman Davidson & Co. However, in relation to
item (ii) above, the SC takes cognizance that the factory of
YSTSB located at Lot 46082 had been destroyed by fire on January
2, 2005, as announced by KPSCB on January 3, 2005.

In connection thereto, the SC had informed that should YSTSB
decide to rebuild its factory on Lot 46082, YSTSB is required to
ensure that the CF for all its buildings are obtained first
before commencing its operations. As set out in the condition
imposed by the SC, the vendors of YSTSB are required to protect
KPSCB from any losses or damages incurred by YSTSB arising from
any action taken by any parties or the relevant authorities
pertaining to issues concerning the CF and the Malay Reserve
Land.


KUMPULAN GUTHRIE: Bourse to List, Quote New Shares
--------------------------------------------------
Kumpulan Guthrie Berhad advised that its additional 46,200 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, August 29, 2005.

CONTACT:

Kumpulan Guthrie Berhad
21 Jalan Gelenggang Damansara Heights
50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2094 1644
Fax: +60 3 2095 7934


MAGNUM CORPORATION: New Shares Set for Listing, Quotation
---------------------------------------------------------
Magnum Corporation Berhad advised that its additional 102,000
new ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, August 29, 2005.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885


MEDIA PRIMA: Bourse Grants Listing of New Shares
------------------------------------------------
Media Prima Berhad advised that its additional 1,686,800 new
ordinary shares of MYR1.00 each arising from the conversion of
2,530,200 Irredeemable Convertible Unsecured Loan Stocks
2003/2008 into 1,686,800 New Ordinary Shares will be granted
listing and quotation with effect from 9:00 a.m., Monday, August
29, 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


PADIBERAS NASIONAL: Adds New Shares for Listing
-----------------------------------------------
Padiberas Nasional Berhad advised that its additional 406,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, August 29, 2005.

CONTACT:

Padiberas Nasional Berhad   
Level 19, CP Tower,
No. 11, Section 16/11,
Jalan Damansara,
Petaling Jaya Selangor
46350 Malaysia
Telephone: 03-76604545   
Fax: 03-76604646


PAN MALAYSIA: Buys Back New Ordinary Shares
-------------------------------------------
Pan Malaysia Corp. Berhad posted at Bursa Malaysia Securities
Berhad a notice on its shares buy back on August 25, 2005 with
the following details:

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 1,075,000

Minimum price paid for each share purchased (MYR): 0.495

Maximum price paid for each share purchased (MYR): 0.505

Total consideration paid (MYR): 540,071.59

Number of shares purchased retained in treasury (units):
1,075,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 46,988,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


=====================
P H I L I P P I N E S
=====================

APEX MINING: Unveils Financial Results Ending June 30, 2005
-----------------------------------------------------------
Apex Mining Company Inc. released its Unaudited Interim
Financial Statements for the period ended June 30, 2005.

The Company said it incurred net losses of Php19.3 during the
year ended December 31, 2004. As of August 12, 2005, the Company
has accumulated deficits of Php998.3 million while current
liabilities exceed current assets by Php121.2.

For the first quarter of 2005, the Company posted a net loss of
Php5.09 million. Total assets as of the quarter ending March
1,2005 amounted to Php169,562,759. A decrease of Php1,128,936 as
compared with the year end balance as of December 31, 2004 which
is Php173,830,224. Liabilities rose by Php832,314 this quarter
due to advances from related parties.

As of second quarter of 2005, the Company incurred a net loss of
Php8.8 million. Total assets decreased by Php8,407,969 as
compared with the year end balance as of December 31, 2004 which
amounts to Php173,830,224. Liabilities ascended by Php422,734 as
of second half of the year.

For the first quarter of 2005, the Company collected rental
income of Php3 million and Php2.7 million both from Viclode
Mining Corporation and Goldridge Mining Corporation. However, as
of the first quarter of 2005, Goldridge still owes the COmpany
Php4.2 million. With Viclode, the Company has collected the
amount of payments if various payables and expenses of the
Company advanced by Viclode.

For this second quarter of 2005, collection from Viclode Mining
Corporation and Goldridge Mining Corporation amounted
Php5,399,667 representing rental and royalty income.

The Company do not have majority-owned subsidiaries.

Volatility in Peso-dollar Exchange Rate - From a general
strengthening in the early part of 2002, the peso began to
steadily depreciate for the rest of the year due to various
factors, namely fiscal deficit overhang, security concerns
following bombing incidents, U.S.-Iraq wildcard, and renewed
weakening of regional currencies. The peso breached Php53 in
mid-October, plunging to a 14-month low, as a reaction to the
bombing in Indonesia which was considered the worst terrorist
attack since the September 11 in the U.S. The attack resulted in
renewed weakening of regional currencies. Subsequent bombings in
Zamboanga and Metro Manila and persistent threats to security
have kept the peso weak. These have been aggravated by concerns
over the government's fiscal deficit that reached Php212.7
billion in 2002, significantly higher than the original target
of Php130 billion.

Current Economic Crisis in the Philippines - This predicament
led to skepticism in an industry already arising with years of
decline. However, notwithstanding the prevailing political and
social issues and taking into consideration urgent economic
situations, the mining industry may yet be a viable development
option in improving the quality of life of Filipinos.
Management, however, is deeply convinced that the mine which in
many times prove to be one of the Philippines' major gold mines,
has not been forsaken of its potential. Management is also
confident that it will fascinate investors given the better
economic climate. To add the fact that the Company's claims are
free from disputes and are located in areas where there is peace
and order. With these facts, Apex will ensure that the mine
exploration and development are accelerated to make possible the
maintenance of a long-term reserve inventory as a key to
sustained operations.

The Company is a party to various lawsuits for or against it.
Management believes that these have no significant effect on the
financial statements. In addition, the Company has not accrued
the interest and surcharges on various unsettled liabilities to
statutory and non-statutory creditors being claimed through
courts to out of courts. No estimate of interest and surcharges
could be made at this time pending negotiations and final
determination of amounts due. Management will recognize such
surcharges and penalties once actual liabilities have been
determined.

Some portions of the area covered by the Company's existing
claim and renewal applications for Mineral production Sharing
Agreement (MPSA) have been overlapped by the Financial &
Technical Assistance Agreement (FTAA) application of another
mining company and is the subject of a case under the Regional
Panel of Arbitrators to determine the mining claims over the
contested areas. The regional Panel of Arbitrators order
segregating the areas free of conflict has been appealed by the
other mining Company. The case is pending resolution by the
Mines Adjudication Board.

The company has no off-balance sheet transactions arrangements
obligations and other relationships of the Company with
unconsolidated entities or other persons created during the 3rd
quarter of 2004.

The Company doesn't know any trends, demand, commitments, events
or uncertainties that will have a material impact on the
Country's liquidity.

CONTACT:

Apex Mining Company Inc.
6/F Manila Bank Building
6772 Ayala Avenue, Makati City 1226
Telephone:  810-0882; 892-6504
Fax: 810-0887


APEX MINING: Signs SPA with Crew Gold, Mapula Creek
---------------------------------------------------
Apex Mining Company Inc., in its SEC Form 17-C dated August 24,
2005, informed the Exchange that:

"Crew Gold Corporation and its affiliate Mapula Creek Gold Corp.
have signed on August 24, 2005, a Share Purchase Agreement with
various stockholders of Apex Mining Co., Inc. involving 72.87%
of the issued and outstanding capital stock of the Company.
Closing shall be subject to compliance with tender offer rules
pursuant to the Securities Regulation Code and certain
conditions precedent as set forth in the Shares Purchase
Agreement."

In view thereof, the Exchange issued a temporary trading halt on
APX's shares effective August 25, 2005, pending disclosure by
the Company of the details and the terms and conditions of the
above-mentioned transaction.


MANILA ELECTRIC: Senator Urges Gov't to Sell Shares
---------------------------------------------------
A Philippine senator suggested that the government should
offload its shares in beleaguered Manila Electric Company
(Meralco), Malaya News reports.

Sen. Miriam Defensor-Santiago urged the government to sell its
interest in Meralco instead of privatizing the PNOC-Energy
Development Corp. to raise funds to address the looming oil and
energy crisis.

The senator thinks it may be a wrong time to divest PNOC-EDC,
with oil and energy prices at an all-time high and oil supply
tensions due to the political instability in Iraq.

The government owns 20 to 25 percent of the total shareholdings
of Meralco, which would bring in billions of pesos in much
needed revenues.

Sen. Joker Arroyo backed Sen. Santiago's call, saying that it
would be unwise to sell PNOC-EDC when it is an "earning"
company. He said PNOC-EDC has been generating between hp15
billion to Php20 billion annually the past 10 years.

PNOC-EDC is tasked with the development of indigenous energy
sources.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL BANK: 186-Mln Shares Sold in Blocks at Php43.77 Apiece
---------------------------------------------------------------
Around 186 million shares of Philippine National Bank (PNB) were
sold in three blocks Friday at Php43.77 each, according to The
Philippine Daily Inquirer.

The sold shares account for half of the 372 million shares put
up for auction August 12, where Lucio Tan emerged as the winning
bidder.

Mr. Tan has exercised his right to match the highest bid and was
able to raise his interest in PNB to 78 percent from 45 percent,
having purchased a 33.5-percent stake from the government, which
is now left with a measly 11 percent PNB stake.

The government expects to raise some Php8.14 billion from the
transaction, of which Php6.16 billion will go to the Philippine
Deposit Insurance Corp as payment for a loan it extended to PNB
in 2002.

The government will get the balance of Php1.98 billion.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL POWER: Sells US$100 Mln in 6-year FRNs
-----------------------------------------------
Debt-stricken power firm National Power Corporation (Napocor)
has sold an additional US$100 million in six-year floating rate
notes (FRNs), completing its foreign borrowing requirement for
the year, The Philippine Daily Inquirer reports.

The state-guaranteed debt issue followed the power firm's sale
of US$300 million of similar six-year notes a week ago.

Napocor president Cyril del Callar confirmed the firm borrowed
another US$100 million by reopening a six-year facility.

The notes would pay a quarterly coupon based on the three-month
U.S. dollar London Interbank Offered Rate plus 425 basis points.
It was Napocor's second unsecured dollar-denominated debt issue
since 2002.

The Power Sector Assets and Liabilities Management Corp (PSALM),
the agency tasked to handle Napocor's privatization, earlier
said proceeds of the bond issue would be used to repay Napocor's
maturing obligations and fund its general requirements for the
year.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: Fitch Assigns Final Rating Guaranteed Notes
-----------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned a
final rating of 'BB' to the USD300 million floating-rate notes
(the Notes) issued by National Power Corporation (Napocor) in
the Philippines.

The Notes are irrecoverably and unconditionally guaranteed by
the Republic of the Philippines (the ROP) and hence the rating
of the Notes is based on the 'BB' Long-term foreign currency
rating of the ROP (Outlook Negative).

The rating is contingent on final documents conforming to those
already received. The rating addresses the timely payment of
interest and the ultimate payment of principal of the notes by
the legal final maturity in August 2011.

Contact: Stan Ho Ho Ming, Hong Kong, Tel: +852-2263-9668; Wit
Solberg, Hong Kong, Tel: +852-2263-9922.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from
this site, at all times. Fitch's code of conduct,
confidentiality, conflicts of interest, affiliate firewall,
compliance and other relevant policies and procedures are also
available from the 'Code of Conduct' section of this site.

Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301.


NATIONAL TRANSMISSION: Gets US$850-Mln Budget for Five Years
------------------------------------------------------------
The National Transmission Corporation's (Transco) US$850-million
five-year capital expenditure has obtained approval from the
Department of Budget and Management (DBM), The Philippine Star
has learned.

The approval came in view pf concerns that a trimmed budget
could compromise the country's power supply.

Transco said the restoration of the company's original proposed
budget for 2006 to 2010 will enable it to complete critical
transmission projects for reliable electricity supply.

Earlier Transco proposed to DBM a 2005-2010 budget of US$1.3
billion, which was reduced by DBM to US$500 million. But Transco
eventually convinced DBM to raise the allocation to US$850
million, ahead of a bidding for Transco's concession contract
next month.

Transco will be privatized through a 25-year concession
agreement which can be renewed for another 25 years subject to
performance conditions.

The approved budget would also translate to more transmission
development projects.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


PACIFIC PLANS: Still at Loggerheads After Talks Bog Down
--------------------------------------------------------
Embattled Pacific Plans Inc. (PPI) and plan holders' group
Parents Enabling Parents Coalition (PEP) were failed to reach a
settlement regarding the pre-need firm's obligations to its
clients, The Manila Times reveals.

Talks between the two parties bogged down after the pre-need
firm refused to use other investments in covering its
educational-plans liabilities.

Former PPI president Helen Yuchengco-Dee refused to tap their
investments expect for the National Power Corporation (Napocor)
bonds valued at US$51 million and maturing in 2010.

PEP president Philip Piccio said the coalition will continue to
fight. He said PEP would file a case against Yunchengco-led
Rizal Commercial Banking Corp. (RCBC) before the Bangko Sentral
ng Pilipinas for bank-related violations, and file individual
criminal charges against PPI officials.

Initially, the two parties signed an agreement to secure a
settlement within 30 days to pay all PPI plan holders at the
current value of their plans, worth around Php4.5 billion to
Php5 billion.

PPI valued its US$51-million Napocor bonds, based on a rate of
Php65 is to US$1 by 2010. Using this conversion, it would only
amount to around Php3 billion to 3.5 billion for the plan
holders. Mr. Piccio said that although Ms. Dee was correct in
saying that the Napocor bonds would be used, she is incorrect in
saying that it would be sufficient.

Earlier, Ms. Dee said the Yuchengcos refused to shell out
additional funds for the settlement, since the trust-fund assets
would cover all the financial needs of the agreement.

PEP was initially looking at the possibility that the Yuchengcos
would find other sources of funding for the settlement.

On July 21, PPI and the coalition agreed that PPI would pay its
plan holders, based on the plan's value and based on current
tuition prices starting school year 2005 to 2006.

The statement said that availing plan holders will receive an
entitlement for unavailed years based on the tuition fee for
school year 2005-06 while nonavailing plan holders will receive
an entitlement based on the current average tuition for each
category of schools, as of school year 2005-06.

CONTACT:

Pacific PLans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


PHILIPPINE AIRLINES: Names Two Young Execs to Board
---------------------------------------------------
Stockholders of Philippine Airlines elected young business
executives Lucio K. Tan, Jr. and Michael G. Tan to the flag
carrier's board of directors during their annual meeting
Thursday last week.

The meeting also saw the re-election of 13 incumbent directors,
led by chairman and chief executive officer Dr. Lucio C. Tan,
vice chairman and treasurer Mariano Tanenglian, and president
and chief operating officer Jaime J. Bautista.

Retained as directors were Alexander O. Barrientos, Charles C.
Chante, Enrique Cheng (independent), Joseph T. Chua, Patrick L.
Go (independent), Estelito P. Mendoza, Cesar N. Santos,
Washington Sycip, Harry C. Tan and Henry So Uy.

The new directors, both in their late 30s, take over the seats
of Luis Juan L. Virata and John K.M. Pang, respectively, on the
15-man PAL board.

Lucio K. Tan, Jr. received his Bachelor of Science in Civil
Engineering degree from the University of California at Davis in
1991.  He was president and CEO of Macro Asia Corp., a leading
provider of support services to the aviation industry, from 1996
to 2003 and is currently a director of the company.

He also holds key management positions in several companies,
including chief executive officer of Tanduay Distillers, Inc.,
executive vice president of Fortune Tobacco Corp and executive
vice president of Foremost Farms, Inc.

Michael G. Tan likewise holds the degree of Bachelor of Applied
Science in Civil Engineering, major in Structural, from the
University of British Columbia in Vancouver, where he graduated
at the head of his class.

He joined Asia Brewery, Inc. as management trainee in 1990 and
rose through the ranks to become chief operating officer in
2000, a position he has held since.  He also sits on the boards
of Allied Bankers Insurance, Air Philippines Corp. and
Philippine Airlines Foundation.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PHILIPPINE AIRLINES: Global Expansion Underway
----------------------------------------------
National flag carrier Philippine Airlines (PLA) is working to
strengthen its position as the leading airline in the country by
expanding its international coverage, according to Yehey News.

The Lucio Tan-controlled airline is poised to serve direct
flights to Beijing, China, three times a week starting November
this year. This coupled with plans to increase its flight
frequencies in major domestic destinations such as Cebu and
Davao.

PAL is also looking to resume flights to India and European
countries. The carrier earlier said it would benefit heavily if
it would take advantage of the growing tourism and information
technology industries in India.

PAL's flight to India was stopped because foreign flights in
1954 were discontinued upon orders from then President Ramon
Magsaysay in favor of rural development program.

To complement the increase in its routes and flight frequencies,
PAL has leased three Airbus 320s. The new A320s he said will
start interim refleeting for its domestic operations. The
aircraft is on a medium-term lease of two to four years. Two of
the A320s will come in October and November this year and the
last one will come in by February next year. The acquisition of
the three A320s brings PAL's Airbus 320 fleet to six.

PAL registered a net income of Php1.2 billion for its fiscal
year ending March 2005 coming from a net loss Php643 million
during the same period last year. Its revenues during the period
in review stood at Php53.97 billion, an increase of 22 percent
from revenues of approximately Php44.09 billion for its fiscal
year 2004.


TPG CORPORATION: In Talks with Investor Groups
----------------------------------------------
TPG Corporation, which is recently being monitored by the
corporate watchdog, said it is holding discussions with investor
groups that will make it a stronger company, reports The
Philippine Star.

The pre-need firm made the statement to assure its plan holders
that management is doing everything it can to safeguard the
interest of its investors and clients.

TPG Corp. is now under the watchful eyes of the Securities and
Exchange Commission (SEC) for allegedly failing to submit
pertinent information regarding its financial health. The
corporate watchdog has ordered TPG to explain why no
administrative sanctions should be imposed against it for
failing to submit its actuarial valuation report (AVR) and
annual financial statements.

The SEC's action has fueled speculations TPG Corp is facing
liquidity problems like what pre-need providers such as College
Assurance Plans (CAP) and Platinum Plans are experiencing.

But TPG chairman Francisco Colayco said that TPG has submitted
to the SEC its audited financial statements and actuarial
valuation report on June 15.

Mr. Colayco said he is hopeful that the pre-need firm's plan
holders would approve its new program dubbed as Scholars Trust
Fund with Equitable Pay-out for Unified Preservation (STEP-UP),
an innovative and revolutionary plan to address the problem of
continued availments by plan holders of open-ended educational
plans and ensure that more scholars still benefit from their
plans.

Under the STEP-UP program, TPG will seek the approval of some
20,000 plan holders for the conversion of the company from a
purely pre-need entity into a holding company.

TPG is the sixth pre-need firm that was issued a show-cause
order by the SEC for violation of the rules governing pre-need
plans.

CONTACT:

TPG Corporation
The Professional Tower
37 EDSA corner Boni Avenue
Mandaluyong City 1550
Phone: (02) 533-7061 to 66; (02) 746-7878 to 91
Web site: http://www.professional.com.ph


VICTORIAS MILLING: Board Director Quits Post
--------------------------------------------
The Board of Directors of Victorias Milling Company Inc, during
its meeting on August 25, 2005 held at the VMC, Makati Office,
accepted the resignation of Mr. Renato A. Castillo as director
of the VMC Board effective immediately.

Mr. Castillo said he is resigning from Development Bank of the
Philippines (DBP) effective September 1, 2005. In this
development, he tendered his director as Director of VMC.

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com  
Web site: http://www.victoriasmilling.com


=================
S I N G A P O R E
=================

ASIA COACH: To Pay Dividend to Creditors
----------------------------------------
Asia Coach Builders Pte Limited, formerly of 1 Colombo Court
#06-29 Colombo Court, Singapore 179742, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Asia Coach Builders Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 102 of 1998
Last day for receiving proofs: Sept. 9, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated this 26th day of August 2005
Beverly Wee Ying Ling
Assistant Official Receiver


CFM HOLDINGS: Net Loss Increases to IDR5 Billion
------------------------------------------------
CFM Holdings Limited reported a huge increase in its net loss
foe the financial year ended June 30, 2005.

The Company posted a net loss of SGD5.29 billion after taxes,
compared to its reported SGD801 million net loss for the same
period last year.

CFM Holdings Limited provides metal stamping services, and the
design, fabrication and sale of tool and die used for the
manufacture of stamped metal components.

To view the Company's full-year financial statement, go to:

http://bankrupt.com/misc/tcrap_cfmholdings082605.pdf

CONTACT:

CFM Holdings Limited
No.4, Ang Mo Kio Industrial Park 2
Singapore 569498
Phone: 65 6481 2888
Fax:   65 6481 1122
Email: janet@cfmholdings.com
Web site: http://www.cfmholdings.com/


HAI XIANG: Schedules Creditors' Meeting Next Month
--------------------------------------------------
Notice is hereby given that the first meeting of creditors on
the winding up of  Hai Xiang International Investment Pte
Limited will be held on Sept. 22, 2005, 2:30 p.m. at 10 Ubi
Crescent, #02-07 Ubi Techpark (Lobby A), Singapore 408564 for
the following purposes:

AGENDA

1. To receive the liquidator's report on the progress of the
liquidation;

2. Update on the status of the liquidation;

3. Any other matters.

To entitle creditors to vote at the meeting,proof of debt must
be lodged with the Liquidator not later than 5:00 p.m. of Sept.
17, 2005.

Dated this 19th day of August 2005.

Ong Wei Leng
ONG WEI LENG
Liquidator
10 Ubi Crescent
#03-46 Ubi Techpark (Lobby C)
Singapore 408564.
Phone: 65 67455433
Fax:   65 67460688


JSD CONSTRUCTION: Creditors to Convene on Sept. 5
-------------------------------------------------
Notice is given that a meeting of the creditors of JSD
Construction Pte Limited  will be held on Sept. 5, 2005, 3:00
p.m. at 141 Market Street 5th Floor, Queen 1 International
Factors Building, Singapore 048944 for the following purposes:

AGENDA

(1) To update on the status of the Company's liquidation.

(2) To consider and if thought fit, to appoint a committee of
inspection.

(3) Any other business.

Dated this 26th day of August 2005

Tay Swee Sze
Liquidator
c/o Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546

Note:

(1) Proxies to be used at the meeting must be lodged with the
liquidator no later than 12:00 p.m. of Sept. 3, 2005.

(2) To entitle a creditor to vote at the meeting, proof of debt
must be lodged with the liquidator no later than 12:00 p.m. of
Sept. 3, 2005.

CONTACT:

JSD Construction Pte Limited
27 Woodlands Industrial Park E1 #03-16
Hiangkie Industrial Building
Singapore 757718
Fax: 65 67566200


L.C. DEVELOPMENTS: Net Loss Cut in Half
---------------------------------------
L.C. Developments Limited announces that the Company reported a
53.5% decrease in its net loss for the financial year ended June
30, 2005.

The Company posted a net loss of SGD1.689 million after taxes,
compared to its reported SGD4.07 million net loss for the same
period last year.

L.C. Development Ltd is engaged in property investment,
management and development activities. It is also engaged in the
management of serviced apartments.

To view the Company's financial statement, click on:

http://bankrupt.com/misc/tcrap_lcdevelopment082605.pdf

CONTACT:

L. C. Development Limited
1 Selegie Road
Signapore 188306
Phone: 65 6266 2222
Fax:   65 6263 2340


RANCHODDAS PURSHOTTAM: Court Orders Liquidation
-----------------------------------------------
In the Matter of Ranchoddas Purshottam Holdings Pte Limited ,
the Singapore High Court issued a winding up order against the
Company on Aug. 12, 2005, with the following details:

Names and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
liquidator.


YEW HOCK: Liquidator to Detail Wind Up Manner
---------------------------------------------
Notice is hereby given that the final general meeting of Yew
Hock Marine Pte Limited will be held on Sept. 20, 2005, 10:00
a.m. at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 for the following purposes:

1. To receive the Liquidators' account showing the manner of the
winding up and disposal of Company property, and to hear any
explanations that may be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company, shall be disposed of.

Dated this 19th August 2005

Kon Yin Tong
Wong Kian Kok
Joint Liquidators
C/o 47 Hill Street
#05-01 Chinese Chamber of Commerce & Industry Building
Singapore 179365

Note:

A member entitled to attend and vote at the Final Meeting is
entitled to appoint a proxy to attend and vote in his stead. All
proxies should be deposited at the Liquidators' Office not less
than forty-eight hours before the commencement of the meeting. A
proxy need not be a member of the Company.


===============
T H A I L A N D
===============

ABICO HOLDINGS: Confident in Restructuring's Success
----------------------------------------------------
Abico Holdings Public Co. Ltd. has submitted its financial
statement for the period ended June 30, 2005 to the Stock
Exchange of Thailand (SET) reviewed by the auditor.

However, the auditor could not provide Abico with a reliable
financial statement, as it is uncertain the company is still a
going concern.

Abico continues to operate under the restructuring plan approved
by the Central Bankruptcy Court on November 29, 2004.   

Upon reaching the conditions set out in the restructuring plan,
it would be able to improve its financial results, solve the
problems of liquidity and business operations would still
continue.

Forwarded for your information.

Yours sincerely,

Abico Holdings Public Company Limited
Mr. Kitti Vilaivarangkul
The Plan Administrator of Abico Holdings Public Company Limited

CONTACT:

Abico Holdings Pcl   
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani    
Telephone: 0-2992-5858 (14 Lines)   
Fax: 0-2992-5878-9   
Web site: http://www.abicogroup.com


KRUNG THAI: To Establish New Subsidiary
---------------------------------------
The Board of Directors meeting of Krung Thai Bank Public Company
Limited, which was held on June 23, 2005 and August 25, 2005
respectively, has approved the investment in new subsidiary.

The following are the details:  

(1) General characteristics:

To set up a new company hold 99.99 percent stake.

(2) Details of assets to be invested
            
Company name: KTB Leasing Co. Ltd.

Nature of Business: Hire purchase and Leasing

Registered capital: THB100 million

Paid up shares: 10 million shares
            
Par value: THB10
            
Board of Directors:

(i) Mr. Preecha Phukham

(ii) Mrs. Supang Pattamadilok
         
(iii) Mr. Prasit Choompolkanchana

(iv) Mr. Gridsn Nuengsigkapian
        
(3) Value and size of the transaction

Value of investment: THB100 million

Size of transaction: approximately 0.13% of the bank's total net
tangible assets as of June 30, 2005

(4) Investment objective:  

To increase opportunity to provide additional financial services

(5) Expected benefits:

To receive benefits in form of dividends.

(6) Source of fund: capital of the bank

This transaction is not regarded as transaction of acquisition
or disposal of the assets of a listed company according to the
specified criteria and as the scope of connected transaction of
a listed company. At present, the company is pending approval
from the Bank of Thailand.

Please be informed accordingly.

Sincerely yours,
For Krung Thai Bank Public Company Limited
Mr. Suchart Dejittirut
Vice Secretary to the Board of Directors
Capital Market Department
Telephone: 0-2208-3067
Poksunart

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th


PICNIC CORPORATION: SET Seeks Clarification on Debt Swap Plan
-------------------------------------------------------------
The Stock Exchange of Thailand (SET) requires Picnic Corporation
Public Co. Ltd. to clarify the conversion of debt of two
subsidiaries.

The company disclosed that the Board of Directors' resolution
approving the conversion of debt of two subsidiaries; World Gas
(Thailand) Co. Ltd. (PICNI held 99.99 percent) amounting to
THB600 million and S.C.T. (Vietnam) Gas Co. Ltd. (PICNI held
through S.S.C. Petro Development Co., Ltd. 99.99 percent)
approximately THB127.1 million.

Details following the news on SETSMART on August 24, 2005.

The SET requires PICNI to provide additional information
concerning the conversion of debt of two subsidiaries as
follows;

(1) Background of borrowing by two subsidiaries and the details
of the loans regarding objectives of borrowing, loan obtained
from PICNI, accrued interest, period of borrowing and maturity
date.

(2) The reasons why PICNI decided to restructure debt by
converting debt to equity and the affect from converting debt.

(3) The details of the conversion of debt concerns outstanding
loan and conversion ratio.

(4) Business overview, financial status and operating result of
year 2004 to quarter 2 of year 2005 including the debt
obligation of two subsidiaries.

The SET requires PICNI to clarify more information within August
30, 2005.

Moreover, the SET informed PICNI's shareholders and general
investors to follow up on the additional information of PICNI,
which will be disseminated via the SET's disclosure system.

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok  
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com
  



                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***